(Bloomberg) — Copper rose for a third day on positive Chinese economic data and hopes Beijing will unveil more economic support measures.

The industrial metal has rebounded more than 2% since Thursday’s close. Services activity in China grew last month at the fastest pace since July, following better-than-expected readings from official and private factory indicators last week. Taken together, these reports suggest that recent stimulus measures could have some impact.

The Chinese government is also expected to present new measures to help the economy at the National People’s Congress Standing Committee meeting this week. Senior officials have hinted there will be a major announcement, according to Bloomberg Economics.

Metals including copper fell last month as initial optimism about China’s efforts to boost growth turned to doubts about their effectiveness. The market will closely follow Tuesday’s hotly contested US elections, the results of which will begin to be known the next day in Asia.

Copper has rallied on Election Day in nine of the previous 10 cycles, Citigroup Inc. said in a Nov. 4 statement. The metal could temporarily rise to $10,000 per tonne in the coming week due to Chinese and US monetary easing, a risk factor. setting a tone for actions if Donald Trump wins, or a reduction in tariff fears if Kamala Harris is victorious, he says.

Copper rose 0.4% to $9,730.50 a tonne on the London Metal Exchange as of 11:27 a.m. in Shanghai. Aluminum climbed 0.5% to $2,633 after figures from the Shanghai metals market showed Chinese inventories fell to their lowest level since February.

Iron ore futures rose 1.7% to $105.70 per tonne on the Singapore Stock Exchange, following a similar gain on Monday.

©2024 Bloomberg LP