Copper Rises Amid Strong China Data

Copper futures climbed toward $6.60 per pound on Monday, recovering from last week’s losses as stronger-than-expected economic data from China, the world’s largest consumer, improved the demand outlook. China’s economy grew 4.5% in the third quarter, accelerating from a three-year low of 4.3% in the second quarter and exceeding forecasts of 4.4%. Industrial production also rose 5.5% year over year in September, up from 5.2% in August and surpassing expectations of 5.4%. Meanwhile, copper prices received additional support from tightening supply as labor strikes and adverse weather disrupted mining operations in Chile, the world’s largest copper producer. On the demand side, the metal continued to benefit from robust growth prospects in data center infrastructure, semiconductor manufacturing, and battery energy storage systems.