Copper price at four-month high on strong Chinese imports
Copper prices spiked on Wednesday to their highest level in over four-and-a-half months on restocking in China and firmer physical demand.
Three-month copper on the London Metal Exchange was little changed at $8,591 per metric ton by 1200 GMT after touching $8,665, the highest since Aug. 4.
Copper for delivery in March rose on the Comex market in New York, touching $3.94 per pound ($8,668 per tonne), up 0.2% compared to Tuesday’s closing.
[Click here for an interactive chart of copper prices]
China bought more copper in November, growing copper cathode imports by 13.5% from October to 378,791 tons, according to customs data released on Wednesday.
Physical copper premiums, an indicator of spot buying appetite, also rebounded this week.
Demand firmed as copper users looked to replenish stocks and thin inventory in China, analysts at CCB Futures said.
Curbing copper’s upside was a firmer dollar index, making greenback-priced metals more expensive for buyers using other currencies.
(With files from Reuters)