(Bloomberg) — Copper traded near a five-month high after China vowed to revive consumption in the world’s largest consumer of the metal.
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The government unveiled a special action plan over the weekend aimed at spurring demand. Consumption in the country grew faster at the start the year, helping offset the impact of US President Donald Trump’s tariffs that are putting pressure on Chinese exporters. Retail sales increased 4% in the first two months, exceeding forecasts.
The industrial metal has risen around 12% this year as Trump’s tariffs add volatility to a market that’s grappling with a mine supply shortfall. Still, China’s embattled property sector, a pillar for metals demand, is yet to bottom out. Chinese new-home prices fell at a quicker pace last month, despite authorities’ efforts to prop up the market.
Copper rose 0.2% to $9,804 a ton on the London Metal Exchange as of 10:52 a.m. in Shanghai after being up as much as 0.5% earlier. Prices hit $9,850 on Friday, the highest since October. Aluminum was steady at $2,682.50 a ton and nickel gained 0.7%.
Chinese aluminum production rose 2.6% to 7.32 million tons in the first two months, or a record high of 124,068 tons a day, according to government data. That pointed to resilience from smelters, who are enjoying higher margins due to rising product prices.
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