[Click here for an interactive chart of copper prices]
The rebound in copper prices comes amid short-term concerns surrounding China and its debt-addled property sector, plus the ongoing economic threat posed by the covid-19 delta variant.
“In the short term there are some headwinds, mainly due to concerns about China’s economy,” Jay Tatum, portfolio manager at New York-based Valent Asset Management, recently told Bloomberg.
“But once the world gets back to normal growth rates, evenly spread across the economy, we still think there’s a strong case to be made for metals like copper.”
Data on Wednesday also showed that the world’s top consumer has been picking up imports to counter its supply worries, which briefly drove down the price of copper.
(With files from Reuters)