Copper prices rose on Thursday, supported by a weaker dollar. Investors are betting that the US Federal Reserve will pause interest rate rises in May.
The dollar came under pressure after the Fed raised its benchmark funds rate by 25 basis points, as expected.
Copper for May delivery hit $4.11 a pound ($9,042 a metric ton) on Comex in New York, up 1.7% from Wednesday's close.
The most-traded May copper contract on the Shanghai Futures Exchange rose 0.7% to 68,530 yuan ($10,024.43) a metric ton.
The most-traded May copper contract on the Shanghai Futures Exchange rose 0.7% to 68,530 yuan ($10,024.43) a metric ton.
The focus is now likely to return to fundamentals, ANZ Research said in a note, adding that sentiment was underpinned by signs of stronger demand from China earlier this week.
Green energy-related demand will account for about 9% of China's total copper demand in 2022 and will continue to rise to about 30% by 2050, said Joannides, director of copper research at consulting firm Wood Mackenzie.
Meanwhile, China's refined copper output rose 10.6 percent year on year to 1.95 million tons in the first two months of 2023, data from the National Bureau of Statistics showed.
The global refined copper market had a surplus of 103,000 tonnes in January, compared with a surplus of 10,000 tonnes the previous month, the International Copper Study Group said.
