Copper advanced to 12-week high on Thursday as China’s $700 billion stimulus program focussed on so-called “new infrastructure” and “new urbanization” kicked into gear.

Copper trading in New York jumped to $2.5025 a pound ($5,515 a tonne) in lunchtime trade, bringing the bellwether metal’s gains since its mid-March low to just under 27%.

BMO Capital Markets, in a research note points out that data from China’s Ministry of Finance show the value of special purpose bonds issued – destined for local government spending on infrastructure – has already surpassed the full-year total in 2019…CLICK for complete article