Categories:
Base Metals
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General Market Commentary
Topics:
General Base Metals
/
General Market Commentary
Copper jumps to 3-week high
The copper price is scaling heights not seen since the end of November, bolstered by strong economic data coming out of China and Wall Street buying.
9Finance reported on Sunday that rising stock market indices on Wall Street "had boosted sentiment and sparked a wave of buying on industrial metals markets."
Benchmark copper on the LME settled up 1.4% to US$6,886 a tonne, reaching a three-week high compared to the previous high set November 28.
The price hike correlates with China's industrial output rising 6.1% in November compared to the same period last year, surpassing analyst estimates.
"Fundamentals are pretty strong on the back of the global economy and China," 9Finance quoted Societe Generale analyst Robin Bhar, who added: "We may see some volatility over the new year and we may have to wait until after the Chinese new year in February to see clear where China demand is going."