Copper prices are climbing, reaching a five-month high as China ramps up economic stimulus efforts to boost consumption. Over the weekend, the Chinese government unveiled a strategic plan aimed at increasing demand, reinforcing its status as the world’s largest consumer of the industrial metal.
So far this year, copper prices have surged approximately 12%, driven by China’s accelerating consumption and a global mine supply shortage. Market volatility has been further amplified by U.S. tariffs under President Donald Trump, adding pressure to an already tight supply chain.
On the London Metal Exchange, copper edged up 0.3% to $9,810.50 per ton at 8:01 a.m. local time, briefly rising 0.7% earlier in the session. Last Friday, prices hit $9,850—the highest since October—reflecting strong investor confidence in China’s stimulus-backed demand growth.
In parallel, government data revealed that China’s aluminum production rose 2.6% year-over-year, reaching 7.32 million tons in the first two months of 2024—a record daily average of 124,068 tons.
As global supply constraints persist, China’s economic policies and industrial output will play a crucial role in shaping metal markets in the coming months.
