China is believed to be prepared to minimize credit controls in response to the slowing pace of growth, which could influence the nation's demand for the industrial metal. The host of the globe's second-largest yet most rapidly growing economic system is the world's biggest user of the reddish metal, which fluctuates largely on economic data because of its importance to manufacturing.
One analyst said an air of economic optimism is spreading, which is beneficial to the price of the reddish metal.
"There's some decent numbers coming out of the U.S., there's greater confidence in Europe and there's a potential for support coming out of China to avoid a hard landing," analyst Daniel Brebner with Deutsche Bank told Reuters. "This is a critical quarter, there's growing confidence that the euro zone can stay together and will stay together and that politicians will come together to support the region."
At 2:58 p.m. on Thursday, the copper futures rose 1.27 percent, a 4.75 cent gain to $3.80 per pound.
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