Copper hit a seven-month high amid shrinking stocks of refined product and optimism about the economic outlook in China.
The red metal, used extensively in construction and electrical applications, rose as high as $7,460 a tonne for delivery in three months on the London Metal Exchange – the highest since June 5 last year.
“Getting your hands on a tonne of refined copper at the moment is hard,” said Colin Hamilton, head of commodities research at Macquarie. “A lot of the metal from the LME and Comex is going to China, attracted by premiums there.”
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