Aluminum rebounded from the lowest level in two months and copper climbed as China’s Premier Li Keqiang said that the world’s second-largest economy saw positive signs of change this year, bolstering the outlook for demand.
The lightweight metal rose as much as 0.4 per cent to $1,486 a metric ton on the London Metal Exchange and traded at $1,485.50 at 11:41 am in Shanghai after closing at $1,479.50 on Wednesday, the lowest since January 25. Copper rose as much as 0.4 per cent while zinc pared a drop.
Aluminum had dropped for the past few days as a strengthening dollar hurt demand. Speaking in a keynote speech at the Boao forum in Hainan, southern China, Li said China was confident of maintaining more than 6.5 per cent growth rate over the next five years. The job market was steady in the first two months and the quality of economic growth is improving, he said.
"Positive comments from Li are boosting market confidence, especially during the peak season for base metals," Jia Zheng, chief metals analyst with East Asia Futures Co., said by telephone from Shanghai.
