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Shanghai copper prices rise on US debt ceiling relief
Shanghai copper prices rose on Monday, as risk sentiment improved after U.S. President Joe Biden and congressional Republican Kevin McCarthy agreed to suspend the government’s debt ceiling. The most-traded July copper contract on the Shanghai Futures Exchange rose 1.5% to 64,850 yuan ($9,382.10) a tonne, aluminium advanced 1% to 18,045 yuan a tonne and zinc climbed 2.1% to 19,375 yuan a tonne. McCarthy and Biden forged an agreement on Saturday to avert an economically destabilising default to suspend the $31.4 trillion debt ceiling until 2025. The deal will now have to passes through the narrowly divided Congress ... (full story)