Copper Climbs to Three-Week High on Fed Cut Hopes, China Data Watch

Copper futures hovered close to their highest closing level in almost three weeks on Wednesday, extending a rally that has lifted the metal more than 2% since the start of August. Traders pointed to improving risk appetite ahead of a slate of economic indicators from the United States and China that could clarify the outlook for industrial demand. Expectations that softer US data could prompt the Federal Reserve to cut interest rates later this year added to the positive tone, while investors also looked for signs of recovery in China, the world’s largest consumer of the metal. The combination of potential monetary easing and hopes for firmer Chinese demand kept prices well supported in early London and Asian trading.