China’s State Council issued the Urban Renewal 15th Five-Year Plan to revitalize idle factories, commercial spaces, and housing. The comprehensive overhaul requires substantial copper for construction, wiring, and infrastructure upgrades.
The announcement acted as a bullish catalyst for industrial metals markets. London Metal Exchange (LME) copper futures rose 1.71% in overnight trading. Shanghai Futures Exchange (SHFE) copper futures gained 1.17%. A weaker U.S. dollar further supported broad price increases across the base metals complex.