Copper futures traded higher on Monday, extending a recent rally as a short squeeze on the Comex exchange, while Chinese stimulus measures also boosted copper prices’ uptrend. China had loosened home buying restrictions across several major cities, and had also reportedly instructed state governments to begin buying up houses. The People’s Bank of China also kept its benchmark loan prime rate unchanged as widely expected. Moreover, tighter supplies also helped increased buying of red metal.
Copper futures for July delivery gained 1.65% or $0.0835 at $5.1335 a pound on the Comex metals division of New York Mercantile Exchange.