Copper prices hit fresh 2-year highs in Asian trading as the broader market's risk sentiment picks up. Helping in copper's case has been the PBoC maintaining a neutral policy stance. Easing concerns about tightening monetary conditions in China along with supply concerns involving in the Philippines.
Apart from that, The International Monetary Fund on Monday revised its 2017 outlook for China, the world's largest copper consumer, while also raising growth estimates for Europe and Japan. Many investors look to copper as a barometer for the global economy's health, as the metal is a key component in manufacturing and construction. "There are finally bright spots in global growth, and this is driving copper. China accounts for some 45% of global copper demand. The IMF left its global growth forecast unchanged and trimmed.
Source : Newswire
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