Improving China Demand Outlook Lifts LME Copper Through $9,600, Year-to-Date High

LME copper futures broke through $9,600/t this week to a year-to-date high. Positive drivers came from two directions: China's May Caixin manufacturing PMI hit 52.0, a near two-year high signaling a clear acceleration in Chinese manufacturing activity; and China's State Council released a new infrastructure investment plan covering power grid upgrades and new energy projects, directly boosting copper demand expectations. On the supply side, global copper mine output growth remains limited, with major Chilean mining districts yet to fully recover production following labor disputes. Goldman Sachs and Morgan Stanley both published bullish reports, raising their 12-month price targets to $10,500–$11,000/t.