MARK BURTON on BLOOMBERG MARKETS | 25 July 2017
“The red metal is red hot.
Copper surged to the highest level in more than two years, lifting shares of producers including Glencore Plc, on expectations that demand in China will fuel a global shortage, with plans in the country to curb metal-rich waste imports reinforcing a bullish outlook.
Benchmark three-month prices rallied as much as 2.8 percent to $6,400 a metric ton, the highest since May 2015, and were at $6,296 at 11:09 a.m. in London. That’s a fourth day of gains, and adds to Tuesday’s 3.3 percent jump.
“We’re getting into rarefied air here, and we’ll probably need an oxygen mask to move higher,” said Robin Bhar, an analyst at Societe Generale AG”