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Copper Hits Its Highest Level In 2 Years

Copper Hits Its Highest Level In 2 Years

Markets Insider



(Reuters) - Copper prices rose for a fourth day on Wednesday to the highest in more than two years on expectations of strong economic growth in China and news of Chinese restrictions on scrap imports that would increase demand for imported refined copper.
A weaker dollar and forecasts of tight supplies supported price gains, said ABN AMRO analyst Casper Burgering.
But traders said gains faltered once European markets opened as investors cashed in on higher prices.
COPPER: Benchmark copper on the London Metal Exchange was up 0.7 percent at $6,270 a tonne at 1036 GMT, having earlier touched $6,400, its highest since May 2015. The metal used in power and construction has gained more than 5 percent since July 20.
STOCKS: On-warrant stocks available to the market at LME-registered warehouses fell to 221,125 tonnes after 6,425 tonnes of cancellations, but were still up from a low of around 140,000 tonnes in May.

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