Copper: Pushing the price higher – ANZ
A weaker USD and promised stimulus measures from China helped push the copper price higher, analysts at ANZ Research report. Copper is trading at $2.537.
“The market reacted positively to the release of communication from the Politburo meeting on 21 February. A more supportive, pro-growth tone in language suggests fiscal policies will be more proactive, while monetary policies more flexible.”
“Investor appetite was also supported by a weaker USD, following the lower than expected US PMI. However, the rest of the sector struggled, with nickel and lead ending the session lower.”