Copper in longest winning streak since 2017 on China demand hopes
me-metals: Copper headed for an eighth day of gains, its longest winning streak since 2017, as fresh economic data from China brightened the demand outlook in the top metals-consuming nation.
According to me-metals cited from mining.com, The industrial metal was poised for a second weekly advance after data released Friday showed China’s gross domestic product in 2024 expanded 5%, meeting the government’s target. A stimulus push turbocharged activity in the final quarter with growth of 5.4% — the fastest pace in six quarters and beating economists’ median forecast.
The country’s industrial production and retail sales also beat estimates and home prices declined at a slower rate in December, reflecting signs of stabilisation in the property sector, a pillar of demand for industrial metals from copper to steel.
Copper, which finished last year up 2.4%, has gained about 6% so far in 2025, leading the six industrial metals on the London Metal Exchange higher amid signs of demand recovery in China. It’s also seen a widening price gap with futures on New York’s Comex, as traders react to President-elect Donald Trump’s tariff threats.
Copper rose 0.4% to $9,267 a ton in London as of 10:52 a.m. in Shanghai, to be up 1.9% this week. Other metals were flat to higher, with zinc rising 0.7% and aluminum gaining 0.2%.
Iron ore was little changed at $102.70 a ton in Singapore. It was up 5.7% for the week, the most since October. Chinese iron-ore and steel futures also rose, after data Friday showed the country’s steel output held above 1 billion tons for a fifth year.
source: mining.com
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