Copper Producers Up After Prices Hit Two-year High

Copper has been on the rebound this week, surging more than 12 percent since Monday (July 24).

Prices hit a two-year high of $6,400 per tonne on Tuesday (July 25) on the back of supply concerns spurred by a brighter outlook for Chinese demand. The top copper consumer has outlined plans to ban imports of scrap metal by the end of next year, a move that could boost demand for refined copper.

On Thursday (July 27), LME copper prices closed flat at $6,330. “We’re getting into rarefied air here, and we’ll probably need an oxygen mask to move higher,” Robin Bhar, an analyst at Societe Generale (EPA:GLE), told Bloomberg.

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