Reduced supplies in the globe's largest user pushed up copper futures on Friday as the base metal also benefited from consumer confidence growing more than forecast in the world's second-largest user, according to Bloomberg.
Stockpiles in China scraped their lowest since October of last year, according to the Shanghai Futures Exchange. U.S. consumer confidence pushed to 83.7 this month after having checked in at 76.4 during the month prior. The use of copper in manufacturing, construction and additional industry makes it sensitive to economic and financial developments.
"If inventories are going down, that's a good sign," strategist Matt Zeman with Kingsview Financial in Chicago told the news source on Friday. "It looks like the market may have bottomed, and some of the enthusiasm from equities is spilling over into copper."
At 12:21 a.m. on Friday, copper futures rose 0.7 percent, a 0.023-cent lift to $3.3175 per pound.
Reuters reports the reddish metal has been benefiting from the prospect of the Federal Reserve of the U.S. slowing down economic stimulus that is used to spur development and growth in the economy.
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