“This is a very significant development. It represents the beginnings of a move towards easier money in China where there had been a tightening of monetary conditions since early 2010,” Nic Brown, analyst at Natixis, said in a Reuters article. “We are absolutely not out of the woods yet but if you’re looking for the necessary pre-conditions for improvements in base metals prices in the months, this is top of the list.”
Higher private sector job numbers also helped boost copper prices. According to the payrolls firm ADP, private businesses added a net 206,000 jobs in November, AFP reports.
iPath Dow Jones-UBS Copper ETN
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Max Chen contributed to this article?