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Copper hits seven-week peak as LME stocks plunge
Copper prices in London hit a seven-week high on Thursday after a sharp drop in available stocks in warehouses registered with the London Metal Exchange (LME) to their lowest since 2021. Benchmark copper on the LME was up 0.8% at $8 675 a metric ton by 10:17 GMT after touching its highest since May 2 at $8 711.50 and breaking above the 100-day moving average of $8 696. "Things are looking quite tight for copper at the moment," said Dan Smith, head of research at Amalgamated Metal Trading. LME inventory for the metal used in power and construction has been low for a while and the big jump in cancelled warrants ... (full story)