Copper is becoming more expensive at the London Metal Exchange in response to U.S. infrastructure projects that could improve demand for metals. Copper rises 0.9% in three-month deliveries. Up to $ 9,503.50 per tonne, brokers say.
At Comex in New York, copper was up 0.17 percent. Up to 31 4.3125 per pound.
Confidence in the metal markets was strengthened by the fact of the cross-party infrastructure deal in the United States.
U.S. President Joe Biden announced on Thursday an agreement between the White House and senators from both parties on the infrastructure investment package. According to Biden, they are about to create millions of jobs.
However, the infrastructure plan will be reduced compared to Biden’s initial plan, which plans to spend $ 2.3 trillion on road upgrades, broadband internet expansion and rail connections.
The new plan estimates that it will spend $ 973 billion over five years, $ 109 billion on road construction and repair, $ 66 billion on rail investment, $ 65 billion on the Internet and $ 73 billion on energy infrastructure.
However, due to the political split in the United States, it is uncertain whether there will be enough support in Congress for this plan.
At the end of the previous session at LME, copper was down $ 64 to $ 9,419.00 per tonne.
This week, copper on the LME rose 3.6 percent, down from 8.6 percent a week earlier. (BAP Business)
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