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Copper climbed as markets reassessed the impact of rising bond yields.
Copper marked a 0.78% gain, closing at 711.4, as markets reevaluated the impact of surging bond yields on industrial input demand. Optimistic PMI data from both the U.S. and China showcased the resilience of manufacturers amid tighter monetary policies, sustaining demand prospects despite rising long-dated bond yields. Additionally, expectations of substantial infrastructure construction in China, as predicted by JPMorgan (NYSE:JPM), boosted industrial activity. Concerns about potential shortages in the future also contributed to price support. Reports from S&P Global (NYSE:SPGI) and the EIA projected a doubling of copper demand by 2035, surpassing the International Copper Association’s supply forecast by 26%, raising concerns of significant shortfalls.