Copper prices pushed towards two-year highs on Tuesday as focus returned to tight supplies and hopes of stronger demand in top consumer China, where authorities are planning further measures to prop up the economy.
Benchmark copper CMCU3 on the London Metal Exchange (LME) was up 0.8% at $9,986 a metric ton by 0937 GMT after touching $10,118. Prices hit a two-year peak of $10,208 last week.
“This is all about future supplies, or the lack of,” one trader said, adding that BHP’s takeover bid for Anglo American is all about copper and that Chinese buyers are back in the market after last week’s public holidays.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.
