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Copper sets record high as top Chinese smelters plan to cut output
Copper touched new peaks on Monday after top Chinese smelters agreed to a plan to cut output in 2026 and on record-high premium offers by Codelco, the world’s biggest copper producing company. The most-active copper contract on the Shanghai Futures Exchange surged 2.08% to 89,020 yuan ($12,583.40) per metric ton as of 0230 GMT, after setting a record high at 89,650 yuan. The benchmark three month copper on the London Metal Exchange, meanwhile, also climbed to a new all-time high of$11,294.5 a ton, after setting a record high on Friday.The London copper contract was up 0.24% to $11,216 a ton as of 0230 GMT. The ... (full story)
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Copper advanced to a record high on the London Metal Exchange on fears the global market is heading for a supply crunch. The sharp moves higher came after a major industry conference in Shanghai last week that highlighted signs of supply stress following a year of unplanned mine disruptions. Bloomberg's Martin Ritchie reports.
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