Copper prices rose on Wednesday as expectations of stronger economic growth and demand due to central bank and government stimulus, a lower dollar and sliding stocks boosted sentiment.
Benchmark copper on the London Metal Exchange traded up 0.6% at $6,490 a tonne at 1601 GMT. Prices of the metal, used widely in the power and construction sectors, hit a two-year high of $6,633 a tonne in the middle of July.
“The money pumped into the financial system by central banks and fiscal stimulus packages from governments mean a recovery,” said Quantitative Commodity Research analyst Peter Fertig.
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