-
Copper soars to 7-month high on Chinese plans to cut output
Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut. Benchmark three-month copper on the London Metal Exchange (LME) touched $8,799 a metric ton, the highest since Aug. 1, 2023. It last traded 1.6% up at $8,790 as at 1055 GMT. The rise started on the Shanghai Futures Exchange (SHFE), where copper reached a two-year high of 70,460 yuan ($9,796) per ton. China’s biggest copper smelters met in Beijing on Wednesday agreeing on a symbolic cut in loss-making production, without specifying volumes and ... (full story)