Copper prices experienced a upswing, open at 729.80, propelled by a boost in sentiment due to China’s central bank’s commitment to addressing local government debt risks.
China’s central bank issued a statement urging collaboration among financial departments to effectively tackle local debt risks.
Last Friday, copper stocks on the Shanghai Futures Exchange (SHFE) experienced a notable decline of 25.9%, reaching 39,228 tons—the lowest recorded since September 2022.
The combined inventory of the Shanghai Futures Exchange and Chinese bonded warehouses stood at 110,314 metric tonnes on August 11, reflecting a year-on-year decrease of 53%.
Copper’s recent price movement, driven by China’s central bank initiatives and inventory dynamics. Highlights the intricate interplay of factors shaping the market.