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Copper price leads industrial metals gains on hopes for Chinese demand

Copper price leads industrial metals gains on hopes for Chinese demand

Copper price leads industrial metals gains on hopes for Chinese demand

Prices of copper and other industrial metals rose on Tuesday on hopes that protests against COVID-19 restrictions in China will lead to a more rapid easing of rules that have stifled economic growth and demand for metals.

Bets on this easing also boosted global stocks and oil prices as investors shifted to riskier, growth-linked assets.

Chinese regulators, for their part, made it easier for property developers to raise funds, providing a boost to a metal-intensive sector battling a debt crisis.

The yuan strengthened against the dollar, lowering the price of metals valued in the greenback for Chinese buyers.

By 1126 GMT, benchmark copper on the London Metal Exchange (LME) was up 1.4% at $8,070 a tonne.

The metal used in the energy and construction sector fell from a record high of $10,845 in March to $6,955 in July on slowing economic growth in China and other countries, but prices have hovered around to $8,000 for more than a week.

Among other base metals, LME aluminum was up 0.7% at $2,378 a tonne; zinc gained 0.3% to US$2,946.50; nickel was up 3.1% at US$26,425; Lead rose 1.3% to US$2,140.50; and tin rose 1.2% to $22,615.

Source: Elcomercio

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