Copper prices rose to their highest level in over 4 and a half months on Wednesday. Owing to restocking in China and stronger physical demand.
After reaching $8,665, the highest level since August 4. 3-month copper on LME was barely moved at $8,591 per metric tonne by 1200 GMT.
On the New York Comex market, copper for March delivery increased, hitting $3.94 per pound ($8,668 per tonne), up 0.2% from Tuesday’s closing.
China increased its purchases of copper in November, increasing its imports of copper cathode by 13.5% from October to 378,791 tonnes. According to customs data that was made public on Wednesday.
This week saw a resurgence in physical copper premiums, a sign of the appetite for spot buying.
According to CCB Futures analysts, demand increased as copper users sought to thin stock in China and replenish stocks.
A stronger dollar index restrained the increase in copper prices. Increasing the cost of greenback-priced metals for purchasers paying in other currencies.