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Copper price bulls bring back $10,000 forecasts
After a solid lift to near one-year highs, the copper price is once again in danger of falling below the pivotal $4.00 a pound ($8,820 a tonne) level, closing the first quarter at $4.0115 a pound in New York. LME prices have followed the same course after hitting a high of $9,164.50 on March 18. Copper’s runup was sparked by pledges from Chinese smelters to cut output by 5%-10% in the face of tighter-than-expected concentrate supply and overcapacity after years of relentless expansion which has lifted the country’s global refining share to over 50%. chart Concentrating minds Evidence of how desperate Chinese ... (full story)