Copper futures reached $6.60 per pound on Monday, recovering from last week's declines. This increase was driven by stronger-than-expected economic data from China, the world's largest copper consumer, which improved the demand outlook.
China's Economic Growth and Industrial Production
China's economy grew by 4.5 percent in the third quarter of this year, up from a three-year low of 4.3 percent in the second quarter and exceeding forecasts of 4.4 percent. Additionally, industrial production also increased by 5.5 percent in September compared to last year, which is higher than the 5.2 percent in August and above the forecasts of 5.4 percent.
Impact of External Factors on Copper Prices
At the same time, copper prices received additional support from limited supply. Labor strikes and adverse weather conditions have disrupted mining operations in Chile, the world's largest copper producer. These factors have led to a decrease in supply in the market and consequently an increase in prices.
On the other hand, demand for copper continues to rise due to strong growth in data center infrastructure, semiconductor production, and battery energy storage systems. Given these factors, copper prices are expected to remain influenced by high demand and limited supply in the near future.
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