Copper for delivery in September rose 2.2% on the Comex market in New York, touching $3.66 per pound ($8,052 per tonne).
[Click here for an interactive chart of copper prices]
Low inventories and hopes for Chinese demand should put a floor under prices, said independent analyst Robin Bhar. “China’s the key,” he said, predicting copper would end 2022 at around $7,500 a tonne.
Yangshan copper import premiums have risen to $102.50 a tonne, the highest since December.
Increased Chinese infrastructure spending and support for the property sector should help metals but “the upside looks limited”, said analysts at ANZ.
(With files from Reuters)
