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PrintCopper prices and stocks got a boost Monday with China’s announcement of a $600 billion stimulus plan geared toward construction and infrastructure projects. The incoming Obama administration also is looking at a second U.S. stimulus plan, which is expected to include public works construction and aid to states, big cities and U.S. automakers.
Copper is used for wiring, pipe and industrial products in construction and infrastructure projects. Arizona is the top U.S. producer of copper.
Copper prices were $1.86 a pound Monday morning, up from recent levels of $1.65 per pound, according to the New York Mercantile Exchange. Copper prices are dependent not only on the U.S. housing and industrial markets, but also on development of emerging economies such as India and China.
The slow economy in the U.S. and the world has taken a toll on copper and other commodity prices as construction and outputs decline.
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