Copper prices rise on dollar dip, China stimulus hopes

Copper futures climbed to $4.45 per pound in November, reaching their highest level in nearly a month, as a softer dollar and expectations of more substantial Chinese stimulus boosted demand.

Copper prices rise on dollar dip, China stimulus hopes

Polls favoring Kamala Harris in key U.S. swing states prompted traders to scale back positions in the dollar, pressuring the currency and enhancing the appeal of copper for foreign buyers. Meanwhile, China's top legislative body is preparing to shift off-balance-sheet local government debt into the central budget to fund aggressive stimulus pledged by the CCP, which is expected to support manufacturing.

China’s fiscal and monetary support spurs manufacturing uptick

This fiscal boost would build on extensive monetary support from the People’s Bank of China in October, aiding the slight recovery in manufacturing activity. The NBS Manufacturing PMI indicated a marginal expansion at 50.1, while the broader Caixin index rose to 50.3, signaling improved conditions.