Copper Exceeds $10,000 on China Stimulus, US Economic Strength
- Politburo will push for real estate market ‘to stop declining’
- China considering a $142 billion capital injection into banks
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Copper rallied back above $10,000 a ton and iron ore broke through $100 after China’s top leaders stepped up efforts to revive economic growth for the world’s largest metals consumer.
The price of copper rose more than 2% to a three-month high on the London Metal Exchange after the official Xinhua News Agency reported that China’s Politburo will push for the real estate market “to stop declining” and called for “forceful” rate cuts. That followed a Bloomberg report that China is considering a $142 billion capital injection into the biggest state banks.