Copper pops to two-week high on China infrastructure hopes

Pile of Scrap Copper Rod

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Copper futures rose to their highest in two weeks on Tuesday on optimism over new infrastructure projects in top metals consumer China.

Local governments in China issued more than twice the amount of special bonds for infrastructure last month than in May and the highest monthly amount since at least 2019, according to new data from China's finance ministry.

China's plans to launch a $44B real estate fund to help property developers resolve a debt crisis also helped lift sentiment.

According to Reuters, three-month copper (HG1:COM) on the London Metal Exchange was trading +1.8% to $7,615/metric ton after touching the highest since July 11 in a third straight day of gains.

Freeport-McMoRan (FCX) +1.6% pre-market; other potentially relevant tickers include (SCCO), (TECK), (HBM), (RIO), (BHP), (VALE), (OTCQX:AAUKF), (OTCQX:NGLOY), (OTCPK:GLCNF), (OTCPK:GLNCY), (OTCQX:FSUMF)

ETFs: (NYSEARCA:COPX), (NYSEARCA:CPER), (JJCTF), (JJC)

Copper prices have climbed ~10% since touching a 20-month low on July 15.

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