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Copper prices surged to the highest in nearly two years in China and hit a seven-month peak in London on Wednesday, as Chinese smelters sought output cuts to cope with raw material tightness. The most-traded May copper contract on the Shanghai Futures Exchange (SHFE) climbed as much as 1.1% to 70,460 yuan ($9,795.91) per metric tonne, the highest since April 2022. It closed up 1% at 70,420 yuan.
Benchmark three-month copper on the London Metal Exchange (LME) rose as much as 0.7% to $8,719 a tonne, the highest since August 2023. Top Chinese copper smelters agreed on Wednesday to cut production at some loss-making plants, driven by a drop in their income due to a tightness in ore supply caused by mine disruptions and global smelting capacity surge.
"Copper bulls had been waiting for a moment like this; they got it. Time to celebrate. A close above $8,700 could take metal to $9,000," Sandeep Daga, a director at Metal Intelligence Centre, said. "Investors may (later) realise that demand and supply are both slowing together. This might bring a sell-off," Daga said.
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