Copper set for weekly rise on Chinese demand

Copper prices are heading towards new weekly gains, supported by signs of increasing demand in China, despite the hawkish statements from the Federal Reserve regarding further interest rate hikes. Contracts in London remained close to $14,460 per ton, with the metal up about 16% since the start of the year, driven by expectations of imposing tariffs on refined copper in the United States and a decline in Chinese domestic production, which adds to supply pressures. Although U.S. interest rates have been raised, their impact on the metals market has been limited, as markets await a potential decision regarding U.S. tariffs on copper imports.

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