London copper rallied on Tuesday as China markets stabilized, soothing fears that a further sharp deterioration in Chinese shares or currency could derail a fragile global recovery and impair demand for metals, Reuters reported. Rebounding oil prices and solid US consumption data also prompted investors to look for bargains after last week’s rout. In metals markets, China’s copper imports have been resilient–especially considering the international economic turmoil–helping to underpin prices. Still, imports of the metal are likely to tail off in coming months, returning the global market to surplus, Standard Chartered said in a note.
