Copper Prices Gain as Beijing Backs Property Market

LME copper prices, opening at $8520.5 per metric ton and closing at $8491.5 per metric ton last Friday, witnessed a positive trend.

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What further fueled this upbeat sentiment was China’s favorable Purchasing Managers’ Index (PMI) data.

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India, in particular, is expect to witness a 40% increase in copper demand from 2022 levels, exceeding 1.5 million tons by 2025.

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Meanwhile, in the United States, data from the Department of Labor indicates that initial jobless claims in August were lower than market expectations at 187,000.

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These combined factors are influencing the dynamics of the copper and metals markets, creating an environment of cautious optimism.

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