BENGALURU- London copper touched a near three-week high on Thursday, spurred by a sharp pullback in the US dollar and hopes for more stimulus from top consumer China.
Three-month copper on the London Metal Exchange (LME) rose 0.4 percent to $9,624 a metric ton, its highest level since February 14.
The most-active copper contract on the Shanghai Futures Exchange added 1.7 percent at 78,430 yuan ($10,834.67) a ton, an over two-week peak.
The dollar index slipped 1.5 percent and hovered near a four-month low, making greenback-priced commodities cheaper for buyers holding other currencies.
The Chinese National People’s Congress (NPC) meeting entered second day, as investors awaited more stimulus headlines amid trade war concerns.
“Base metals rallied in Asian trade on the prospect of further China stimulus measures. Premier Li Qiang announced the economic growth goal for 2025 was ‘about 5 percent’,” said Daniel Hynes, a senior commodity strategist at ANZ Bank.
US President Donald Trump will exempt automakers from his 25 percent tariffs on Canada and Mexico for a month as long as they comply with existing free trade rules, the White House said on Wednesday.
