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Base metals moved higher on Wednesday, with London copper hitting a one-week high, after a report that top consumer China would try to boost spending on autos and home appliances this year, as well as signs of progress in Sino-U.S. trade talks.
Ning Jizhe, vice chairman of China's National Development and Reform Commission (NDRC), said in an interview with CCTV that the policies would be part of wider efforts to strengthen domestic consumption in China. Copper, used in air conditioners, refrigerators and autos, climbed as much as 1.2 per cent to $5,975 a tonne in London, the highest since Jan. 2.
Helen Lau, an analyst at Argonaut Securities in Hong Kong, said the Chinese stimulus would be “positive” for a range of metals used in autos and home appliances, including copper, aluminium and steel.
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