Copper futures rose above $4.29 per pound on Friday and were poised to gain more than 6% for the week, marking the best weekly performance since May of last year, when copper prices surpassed the $5 mark.
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The bullish sentiment was largely fueled by optimism that China, the world’s largest consumer of copper, will follow through on its recent commitments to ramp up monetary and fiscal stimulus to bolster economic growth.
Copper prices also found support from expectations that strong demand for electric vehicles and renewable energy technologies will drive higher consumption of the metal this year.
However, rising global trade tensions and a potential slowdown in manufacturing, driven by looming tariffs under incoming US President Donald Trump, kept investors cautious.
