Copper Under Pressure As Lack Of Chinese Stimulus Disappoints.
Copper faced a decline, settling down by -0.3% at 726.15, as the absence of substantial stimulus measures from China, the top metals consumer, disappointed market participants. The 5% growth target set by China for 2024 at a parliamentary meeting was in line with expectations but fell short of some investors’ hopes for more significant stimulus. The lack of participation from Chinese traders, who are yet to return to the base metal market post the Lunar New Year holiday, contributed to the subdued market sentiment. Despite the overall cautious outlook, funds are expressing bullish sentiments on copper for the second half of 2024, using the options market to position their bets.
