London copper firmed on Wednesday on bargain-hunting and on fresh signs that Beijing is acting to bolster China’s stock markets and economy. Three-month copper on the London Metal Exchange ticked up 0.2 % to $8,160 per tonne by 0123 GMT, after falling 0.5 % on Monday
Copper Output From Chile, Peru May Pick Up, Barclays Says
Tour of mine and projects “suggest that supply from the large producers are trough and that there is some upside in output,” Barclays says in report.
Chinese state-backed media on Wednesday pointed to fresh policies to stabilise the world’s second-largest economy, with one saying major insurance firms had boosted their combined stock holdings by more than 10 billion yuan ($1.6 billion) over the last three trading days and will continue to support blue chip stocks and stock markets.
Another paper said China is likely to offer incentives to spur vehicle sales in rural areas to boost consumption and support a slowing economy.
The news helped support three-month copper on the London Metal Exchange, which ticked up 0.1 percent to $8,156.75 per tonne by 0414 GMT, after falling 0.5 percent on Monday.
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