Shanghai copper prices hit a 2020 high on Tuesday as hopes of an economic recovery in China and supply fears underpinned sentiment, while the metal also hit a five-month peak in London before shedding gains.
The most-traded August copper contract on the Shanghai Futures Exchange rose as much as 1.5% to 49,620 yuan ($7,074.02) a tonne, its highest since Dec. 30, before closing up 1% on 49,360 yuan.
“Revived activities in China, fiscal stimulus and supply issues have benefited industrial metals, especially copper,” ANZ said in a note, referring to supply risks in top producer Chile.
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