Shanghai copper jumped on Wednesday to its highest level in nearly 20 weeks, recouping almost all of its losses caused by the COVID-19 pandemic on strong demand in China and low stocks.
The most-traded July copper contract was on the Shanghai Futures Exchange (ShFE) rose 1.4% to 46,790 yuan ($6,618.39) a tonne by 0414 GMT. Earlier in the day, it jumped 1.8% to 46,980 yuan a tonne, it’s highest since 23rd January.
Three-month copper on the London Metal Exchange (LME) rose as much as 0.7% to $5,816 a tonne, its highest since 19th February.
Metal Tiger Plc (LON:MTR) is a London Stock Exchange AIM-listed investing company primarily focused on undervalued natural resource opportunities.