Copper prices saw a significant upswing, hitting a four-week peak on the back of renewed optimism in demand.
As of 1100 GMT, copper on the London Metal Exchange (LME) experienced a 1.4% rise, reaching $8,545.5 per metric ton.
China’s manufacturing sector pleasantly surprised by returning to expansion in August. Improvements were observed in supply, domestic demand, and employment.
In addition to copper, lead also performed robustly, reaching an eight-month high of $2,295 per ton, mainly due to speculative buying.
In conclusion, the resurgence in copper prices reflects China’s rebound and support for its property market, instilling optimism in the metals market.