The globe's largest copper user committed to keep economic development and growth at 7.5 percent on Tuesday, pushing copper futures higher in value, according to Reuters.
Demand increased for the base metal, which is sensitive to economic and financial developments due to its myriad uses in construction, manufacturing and additional industry.
"Over the short term we're likely to see prices at around current levels for the next few months. You do have some continuation in the Chinese recovery story and that will help to support prices," economist Ross Strachan with Capital Economics told Reuters on Tuesday. "But in the second half we think that the recovery (in China) will be more disappointing than some have anticipated. We're expecting prices of around $7,000 for copper by the end of the year."
At 4:25 p.m. on Tuesday, copper futures rose 0.53 percent, a 0.0185 gain to $3.52 per pound.
Bloomberg reports the Goldman Sachs Group forecasts copper use to increase 8.833 million metric tons this year in China, which would create a deficit of 6,000 tons rather than a surplus of 216,000 tons from last year.
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