Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut.
Benchmark three-month copper on the London Metal Exchange (LME) CMCU3 touched $8,799 a metric ton, the highest since Aug. 1, 2023. It last traded 1.6% up at $8,790 as at 1055 GMT.
The rise started on the Shanghai Futures Exchange (SHFE), where copper SCFcv1 reached a two-year high of 70,460 yuan ($9,796) per ton.
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