Copper rallies to three-year high as China’s top producer stops output
Shanghai — Copper in London surged to the highest level since 2014 after China ordered its top producer to halt output to combat winter pollution, adding further impetus to a rally in the metal this year that’s been driven by optimism about demand as well as supply disruptions at mines. Copper rose as much as 1.2% to $7,210 a ton as trade resumed after the Christmas break, and was at $7,172.50 at 11.08am in Shanghai. Gains now run to nine days, the longest streak since 2004, for a 30% jump this year that makes it the London Metal Exchange’s top base metal performer. Shanghai copper fell 0.4%, having risen 1.4% when London was off. The advance in 2017 has been backstopped by supply disruptions just as the outlook for global growth improves and investors and miners target potential new uses, including in electric vehicles. The world’s largest producer, Chile’s Codelco, has forecast that prices may test record highs above $10,000, while UBS’s wealth-management unit on Wednesday predict...
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