Copper leapfrogged the pivotal $3 a pound level on Wednesday after a key gauge of the Chinese manufacturing sector, the world’s top consumer of the metal, showed new orders jumping to a nine-year high.
Copper for delivery in December trading on the Comex market in New York changed hands for $3.0415 a pound ($6,705 a tonne) in early afternoon trade, up 1.7% from Tuesday’s settlement.
Wednesday’s move brings gains for 2020 to 9.1% and 57% since the covid-19 lows struck in March. A fortnight ago, the bellwether metal reached the highest price since June 2018. Read more…..
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