Copper rises as China's demand surges

Copper futures rose on Tuesday, lifted by upbeat Chinese data on inventories and demand levels, which boosted hopes about the worlds largest industrial metals consumer.

Meanwhile, concerns over demand for commodities and metals still persist amid fears over a second coronavirus wave.

Consumer sentiment improved after the global reopening measure, especially the Chinese demand for metals, chief of which is copper.

Copper inventories in China fell to 109.696 thousand tonnes, a 17-month low, vs. 380 thousand tonnes in March.

The total Chinese copper imports reached 546,030,000 tonnes in May, 5.5% lower from April, but 20.8% higher than May 2019.

Copper July futures rose 0.3% to $2.66 per pound as of 13:25 GMT, after hitting a session-high of $2.67 and a low of $2.62.