The metal jumped 1.36% today, hitting $ 2.73 a pound on the London Metal Exchange, buoyed by figures in China.
Since the start of the Covid-19 health crisis, China has been the epicenter of concerns. But now, with the second economy in the world showing clear signs of recovery in its manufacturing activity, the Asian country has become the beacon of hope for investors in the metals market.
After the Asian giant exceeded market expectations with its June manufacturing activity data, copper jumped 1.36% today, reaching US $ 2.7388 per pound on the London Metal Exchange, levels not seen since January of this year.
With this, the main export of Chile managed to accumulate an escalation of 9.72% in the month of June, its highest monthly jump since November 2016, while it appreciated 10.89% in the April-June period, its best quarter since September 2017.
Of course, despite the momentum of recent months, the industrial metal ended the first half of 2020 with a decrease of 5.28%, completely erasing the gains of the last quarter of last year.
Enthusiasm around the industrial metal challenges an environment in which investors remain concerned about the effect the Covid-19 pandemic is having on global economic dynamics, especially considering that the ability with which the United States can control the outbreak has been questioned following episodes of regrowth in recent weeks.
In this context, it is China that has been promoting the price of metals, considering that investors expect greater support measures from the local authorities and that they have been celebrating hopeful figures in the Asian country.