Copper futures are rising for the third day in a row on the back of positive economic news from China and expectations of new support measures from Beijing. Activity in the service sector in China increased last month at the fastest pace since July, and recent data also showed an increase in business activity in the industry. These indicators suggest that China's efforts to stimulate the economy are beginning to have an effect. According to forecasts, at a meeting of the Standing Committee of the National People's Congress, the Chinese government may announce additional support measures. Metals, including copper, had previously declined in price as initial optimism about China's stimulus measures gave way to doubts. However, this week the markets will also be watching the results of the US elections, which may add volatility. According to Citigroup, copper on election day has typically grown in nine of the last ten election cycles and may temporarily rise in price to $10,000 per ton amid monetary easing in China and the United States, as well as possible changes in tariffs depending on the outcome of the election. Copper rose 0.43% on the London Metal Exchange and is trading at $9,724.50 per tonne. Aluminum also rose 0.78% to $2,641 per tonne after reports of a decline in inventories in China to the lowest level since February, according to Shanghai Metals Market. Iron ore futures rose 1.39% to $103.91 per tonne on the Singapore Stock Exchange, continuing a similar rise since Monday.
