Copper advanced just 1.6 percent in 2016, the least of the six base metals, amid speculation that supply growth will drive surplus. Yet copper finally felt enlightenment. Prices showed their biggest weekly gains in two months. The metal, which has been well behind its competitors this year, is now gaining momentum from signs of stronger demand in China, the world's largest consumer of copper.
The metal for three-month delivery is trading at $ 4,781, up from $ 4,764 a tonne on the London Stock Exchange since Thursday. In contrast, zinc, which had the largest gains this year, has experienced a weekly drop since January.
Copper analysts and traders say price forecasts remain optimistic for the near term after the Chinese data. Last week, Bank of China International said it was time to rate copper earnings while zinc could short out.
HSBC Holdings Plc says in a report that copper will remain a surplus metal through 2018. Copper is expected to average $ 4,771 per tonne this year and $ 4,960 in 2017. Zinc is up 39 percent this year amid forecasts for a global deficit due to reduced supplies. Its price rose to $ 2,372 per tonne earlier this month, the highest since May 2015, when the metal was at $ 2,220.50 per tonne.
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