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New York copper extended gains on Monday as signs showed that global miners began to rein in the oversupply of some industrial metals
.
The most actively traded May copper contract closed up 0.
9 cents, or 0.
4 percent, at $
2.
2835 a pound.
Copper rose for the seventh straight session on Monday and has rebounded 18 percent
from its mid-January low.
China's copper demand accounts for about 45% of the world's total copper demand, and copper price movements are often closely related
to investors' perceptions of China's economic trends.
The fourth session of the 12th National People's Congress opened on Saturday with the Chinese government signaling new measures to rein in overcapacity in the industrial sector, leading investors to expect that China, the world's largest copper consumer, could cut output
.
The Chinese government work report puts forward that China's gross domestic product (GDP) growth target for 2016 is 6.
5%-7%.
Commerzbank said this is expected to help keep China's overall commodity demand solid, especially metals, which in turn will support metal prices
in the medium to long term.
SNL Metals & Mines reported that global non-ferrous exploration budgets fell 19 percent in 2015 to $9.
2 billion, less than half
the 2012 record budget of $21.
5 billion.
Based on previous indications, such budgets are expected to continue to decline by 15 percent
this year.
Here's what closed: The March copper contract closed at $2.
2805 a pound, up 0.
95 cents from the previous session, trading in a range of $
2.
2485-$2.
2805.
The May copper contract closed at $2.
2835 a pound, up 0.
9 cents from the previous session, trading in a range of $
2.
2450-$2.
2925.
