London, August 22 news: Copper futures on the London Metal Exchange (LME) rose for a fourth straight session on Tuesday, as Chinese consumption data was strong and more policies to support the yuan exchange rate were introduced.
By 1618 GMT on Tuesday, benchmark three-month copper on the LME was up 0.97% at $8,360 a tonne.
Copper is widely used in the power and construction industries and is considered a barometer of economic activity. After falling 13.8% in 2022, it is down 0.2% so far this year and is 12.5% below its January peak of $9,550.50.
Dan Smith, head of research at Associated Metals Trading (AMT), said there was a short-term pick-up in market sentiment. The latest data on copper consumption in China showed that demand remained surprisingly strong. Previously pessimistic investors are now reassessing the situation.
Apparent demand for refined copper in China rose by about 9 percent in the first half despite poor global market performance, the International Copper Study Group (ICSG) said on Monday. China's continued support for the yuan exchange rate also boosted metals markets.
China's main state-owned banks bid up the offshore yuan exchange rate on Monday. The correlation between copper prices and movements in the yuan exchange rate has strengthened recently as investors focus on China's sluggish economic recovery.
Closing quotes for other metals included LME aluminum up 1.7% to $2,180 a tonne; zinc up 0.6% to $2,330.5 a tonne; tin up 1.6% to $26,100 a tonne; nickel up 1.8%, Quoted at US$20,485 per ton; lead futures are touching
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