Loading ...Copper futures trading on the Comex market in New York raced higher on Tuesday on renewed optimism about demand from top consumer China and indications of tighter global mine supply.
Copper for delivery in September jumped to a high of 2.8540 a pound ($6,292 tonne) in early afternoon trade, up 4.3% on yesterday’s close to the highest since mid-May 2015. Copper’s 2017 year to date gains in percentage terms now top 13% and the red metal is trading 28% higher than this time last year.
While Chinese imports of refined copper dropped in June and is down 18% over the first half of 2017 to 2.23m tonnes, shipments of copper concentrate continue to strengthen jumping 23% in June from the month before to 1.41m tonnes.