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Copper Strikes 4.5-Month Peak

Copper Strikes 4.5-Month PeakCopper Strikes 4.5-Month Peak

London copper hit its highest since early March on Monday, supported by a weaker dollar and as an upbeat second quarter for China’s economy brightened demand prospects for metals, Investing.com reported. China’s economy grew 6.9% in the second quarter from a year earlier, faster than expected and in line with the first quarter’s growth. Its property sector, a key metals user, also showed underlying demand remained resilient to government curbs. “I’m still bullish on copper. The property backdrop is still good; China economy and industrial production numbers are still good. Orders are coming through from state grid,” said analyst Dan Morgan at UBS in Sydney. London Metal Exchange copper had climbed 1% to $5,983.50 a ton, having earlier struck its highest since March 2 at $5,992. Prices added to Friday’s near 1% gains. Shanghai Futures Exchange copper gained 1.4% to 47,810 yuan ($7,060) a ton. Nickel jumped 4.1% following increased demand from China’s steel sector, where prices have also rallied.

 

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