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Copper gains as China strengthens

The copper price is nearing US$8,000 per tonne again on the London Metal Exchange amid positive data out of China and supply concerns.
Copper gains as China strengthens Copper gains as China strengthens Copper gains as China strengthens Copper gains as China strengthens Copper gains as China strengthens

Antofagasta’s Los Pelambres copper mine in Chile

Staff reporter

Top metals consumer China's GDP expanded 6.5% in December, taking 2019's growth to 2.3% and above analysts' expectations, Marex Spectron's Anna Stablum said.

She also pointed to global copper stocks across the three bourses falling to 244,448t last week, the lowest since October 2008, and cited news of impending wage talks at Antofagasta's biggest copper mine Los Pelambres in Chile.

The copper price had breached the $8,000/t mark in December for the first time since February 2013, amid hopes of a global economic recovery following positive news about vaccines to address the COVID-19 pandemic.

For its part, Antofagasta closed up 0.53% in London, while Glencore closed down 1.09%.

Metals and mining stocks were up slightly in Toronto, where Barrick Gold gained 0.44%.

The gold price is about $20 an ounce higher than at this point yesterday on the spot market, at $1,837/oz.

US markets were closed for the Martin Luther King Jr public holiday.

Key market futures were generally positive at the time of writing.