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Copper hits over 2-year high on Chinese demand recovery

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09/21/2020 | 01:10am EDT

SINGAPORE, Sept 21 (Reuters) - London copper gained more ground on Monday, climbing to its highest in more than two years, as a recovery in China's industrial production underpinned prices.

Three-month copper on the London Metal Exchange rose 0.7% to $6,859 a tonne by 0351 GMT, after climbing earlier in the session to its highest since June 2018 at $6,877.50 a tonne.

"Copper hit a two-year high as a weaker U.S. dollar and positive economic outlook boosted sentiment," ANZ said in a note. "The market had been buoyed (last week) by data showing China's strong recovery from the virus-induced slowdown earlier this year."

Asian shares and most currencies held tight ranges on Monday, as investors awaited developments on U.S. fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.

* The most-traded copper contract on the Shanghai Futures Exchange added 0.8% to 52,420 yuan ($7,756.62) a tonne.

* China's industrial output accelerated the most in eight months in August, while retail sales grew for the first time this year, suggesting the economic recovery is gathering pace as demand improves more broadly from the virus crisis.

* The global economy appears to be recovering from the coronavirus slump faster than thought only a few months ago, thanks to improving outlooks for China and the United States, the OECD said last week.

* Physical copper premiums in China continued to fall, losing $4.50 on Friday to $59 a tonne, data showed, extending a decline from highs of $100 six weeks ago. That is the lowest level since the start of April. <CU-BMPBW-SHMET>

* For the top stories in metals and other news, click or


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ARBS ($1 = 6.7581 yuan) (Reporting by Naveen Thukral; editing by Uttaresh.V and Rashmi Aich)

Stocks mentioned in the article
ChangeLast1st jan.
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.6923 Delayed Quote.-3.84%
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