(Bloomberg) -- Copper held on to gains in the wake of China’s latest economic stimulus measures, which propelled advances across commodities.
Copper gained 0.6% on the London Metal Exchange, with China in the midst of week-long holiday. The metal has risen about 10% over the past three weeks.
Economic weakness in the world’s top metals consumer has weighed on commodities throughout the year. Bulls are hoping China’s latest push to stimulate the economy will have a meaningful impact on demand, with particular focus falling on measures to shore up its real estate market.
A gauge of Chinese property stocks surged as much as 16% on Wednesday, signaling optimism the sector will break from its prolonged decline. Rules on home sales in some of the country’s biggest cities have been eased this week, spurring buying interest.
Copper traded at $10,038 a ton on the LME by 3:46 p.m. in London. Most other industrial metals also traded higher, with aluminum gaining 0.6% and nickel up 2.5%.
--With assistance from Thomas Biesheuvel and Sana Pashankar.
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