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Copper has risen by 0.7 percent to $9,329 a tonne on the London Metal Exchange( LME ) as aluminum advanced 0.8 percent .
Copper touched US$9,380 a tonne, the highest intraday level since late January 2023, following a three percent surge on Wednesday after a gauge of Chinese manufacturing came in better-than-forecast.
According to Bloomberg report seen by Zambia Monitor, copper rose to a 14-month high as expectations for United States (US) rate cuts and threats to supply added impetus to a rally that’s been underway since early February.
It climbed for a fourth session on the LME after Federal Reserve Chair, Jerome Powell, said it would likely be appropriate to begin lowering borrowing costs “at some point this year.”
Read more: Copper falls the lowest in 3 months, pushed by Chinese smelters’ pledge to cut output
The industrial metal was said to have rallied 15 percent since this year’s low in February, with gains also driven by supply concerns.
Chinese smelters, which produce more than half of the world’s refined copper, are moving closer to implementing a joint output cut after tightening ore supplies drove processing fees to near zero.
Chinese markets are closed for holidays.
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