Copper prices surged to a near one-month high on Wednesday, supported by China’s recent announcement of plans to ease its monetary policy and adopt a more proactive fiscal approach to stimulate growth in the coming year. The three-month copper contract on the London Metal Exchange (LME) rose by 0.8%, reaching $9,290 per metric ton, with a brief peak at $9,314—its highest since November 12. Similarly, the most-traded January copper contract on the Shanghai Futures Exchange (SHFE) gained 0.4%, reaching 75,690 yuan, equivalent to $10,443.31 per ton.
China’s move to implement a more “appropriately loose” monetary policy in 2025 marks its first easing of monetary conditions in 14 years. This shift, alongside increased fiscal efforts, is aimed at fostering economic growth, with particular attention to supporting sectors like construction. However, experts warn that fiscal and monetary policy changes typically take two to three quarters to show meaningful effects, suggesting that the copper market may not see consistent improvement until the second half of 2025.
Other metals also saw gains, with LME aluminium rising by 0.4% to $2,620 per ton, nickel edging up by 0.1% to $15,735, and zinc climbing by 0.9% to $3,162.5. On the SHFE, aluminium inched up by 0.3% to 20,435 yuan, zinc gained 0.9% to 26,055 yuan, while tin added 0.3% to 248,770 yuan. In contrast, nickel and lead saw small losses on the SHFE.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
