Copper rises due to expectations for China's economic stimulus measures

Copper futures surpassed 1 pound = 4.1 dollars and rebounded slightly from a four-month low. This is because Chinese leaders promised at the Politburo meeting that support measures will be strengthened and market confidence will be stabilized in order to achieve year-round growth goals.

China's weak corporate activity data also raised the possibility of additional stimulus measures by the authorities.

According to data, manufacturing activity in China contracted at a slightly faster pace in July, and the growth rate of the service sector slowed to an eight-month low.

Nevertheless, global economic uncertainty and trade friction continue to weigh on demand forecasts for industrial metals.

Additionally, reports that some Chinese smelters are proceeding with new projects to comply with production volume regulations overturned previous reports of joint production cuts to raise processing costs.