BNamericas reported that copper closed at USD 3.143 per lb cash on the London Metal Exchange, its highest level since early March and a rise of 2.36% over USD 3.071 per lb in the previous trading session. Mr Martin Hayes of FastMarkets said that “The jump was fuelled by a combination of technical covering, investment based purchases and Chinese buying, pulling nearly all other metals higher as well.� RBC said that the LME gain is not really due to any improvement in fundamentals but due to a short squeeze funds rolling their shorts. Mr Xi Jinping president of China said the country needs to adapt to slower economic growth and remain calm during the transition from investment led to consumer led growth. China consumes around 40% of global copper production so its economic growth and policies are closely watched by market participants. Mr Xi said that "We must boost our confidence, adapt to the new normal condition based on the characteristics of China's economic growth in the current phase and stay cool minded." Analysts said that China's economy grew 7.4% in Q1 compared to 7.7% in 2013. The official GDP growth target for this year is 7.5%. The government seems to be willing to accept economic growth below 7.5% as long as the rate of job creation stays high enough to avoid social and political tension. Mr Zhou Xiaochuan governor of Central bank said that the government would continue to fine tune policy but would avoid major stimulus in favor of stable macroeconomic policies.

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