HANOI: Copper prices advanced on Monday as traders bet on prospects of improved demand after top metals consumer China posted stronger-than-expected growth and solid industrial output data.
China’s economy grew 6.5 percent in the previous quarter, faster than the 6.1 percent forecasts by economists in a Reuters poll, ending a rough coronavirus-stricken 2020 in remarkably good shape and remained solidly poised to expand further this year.
The country’s industrial production also rose at a faster-than-expected rate, up 7.3 percent in December 2020 from a year earlier and hitting the highest since March 2019.
“Copper turned higher after Chinese data on Monday confirmed the strong economic recovery at the world’s top metals consumer,” said commodities broker Anna Stablum at Marex Spectron in a note.
Three-month copper on the London Metal Exchange rose 0.9 percent to $8,023 a ton by 0629 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 59,270 yuan ($9,140.68) a ton.
LME aluminum advanced 0.2 percent to $1,995.50 a ton and nickel increased 1.2 percent to $18,220 a ton. ShFE aluminum edged up 0.5 percent to 14,930 yuan a ton and nickel increased 0.5 percent to 134,970 yuan a ton.
Copper rises as upbeat China economic performance lifts demand outlook
Copper rises as upbeat China economic performance lifts demand outlook
- China’s economy grew 6.5 percent in the previous quarter
Saudi Arabia’s construction costs see 1% annual rise in November: GASTAT
RIYADH: Saudi Arabia’s construction costs rose at a steady pace in November, signaling resilience in the sector as the Kingdom continues to manage rising labor and energy expenses.
The Construction Cost Index climbed to 101.75 points in November, up 1 percent from a year earlier and broadly unchanged from October, according to data from the General Authority for Statistics.
The steady momentum in Saudi Arabia’s construction sector aligns with a broader trend across the Gulf Cooperation Council, as regional economies push to diversify away from hydrocarbons.
In July, real estate consultancy Knight Frank said Saudi Arabia’s construction output value is expected to reach $191 billion by 2029, representing a 29.05 percent increase from 2024, driven by residential development, ongoing giga-projects and rising demand for office space.
In its latest report, GASTAT stated: “The CCI recorded a 1 percent increase in November 2025, maintaining the same growth rate observed in October 2025. This increase is mainly attributed to a 1 percent rise in construction costs for the residential sector and a 1 percent rise in construction costs for the non-residential sector.”
In the residential sector, labor costs rose 1.5 percent year on year in November, while equipment and machinery rental costs increased 1.3 percent over the same period.
Energy prices recorded a sharp increase of 9.9 percent compared with November 2024.
Basic material costs edged up 0.2 percent, driven by a 1.4 percent rise in cement and concrete prices and a 1.1 percent increase in raw material costs.
In the non-residential sector, the Construction Cost Index increased 1 percent year on year in November, mainly due to a 1.2 percent rise in equipment and machinery rental costs.
Labor costs increased 1.1 percent, while energy prices continued their upward trend, rising 9.9 percent over the year.
Basic material costs rose 0.3 percent, reflecting a 2.5 percent increase in wood and carpentry prices and a 1.4 percent rise in raw material costs.
The Construction Cost Index tracks changes in construction input costs across 51 items, with prices collected monthly from 13 regions through field surveys of contractors, engineering offices and construction material suppliers. The base year is 2023, and the index is published monthly.
