Commodities
Copper Set for Biggest Weekly Gain Since May on Economy Optimism
- China’s stimulus pledges, Fed rate outlook supports metals
- Aluminum and zinc also head for sizeable weekly gains
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Copper headed for its biggest weekly advance since May, after China’s latest stimulus pledge and the outlook for further US interest-rate cuts supported sentiment.
The economic bellwether has jumped almost 6% this week on the London Metal Exchange, climbing back above $10,000 a ton, following China’s announcement of a blitz of measures to boost growth. The vow from Beijing officials to deliver aid for its struggling real estate sector — which has long hampered the consumption of industrial metals — also bolstered the outlook.