Copper Climbs as China Plans Output Cuts Amid Rising U.S. Demand
- Construction spending grows in U.S., 2nd biggest metals user
- Copper prices tumbled 10 percent last month, most since Jan.
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Copper climbed for a second day amid signs of increasing demand in the U.S. at a time when smelters have agreed to cut output in China, the world’s biggest maker of the refined metal.
Construction spending in the U.S., the world’s largest copper user behind China, grew more than expected in October, boosted by the biggest surge in federal outlays since October 2006, the Commerce Department said Tuesday. In China, top suppliers including Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co. pledged to reduce production next year by 350,000 metric tons, after a meeting in Shanghai, according to a statement from 10 smelters.