Copper advances on strong second-half outlook
- Yangshan copper premium was last traded at $45 a tonne, hovering near its highest level since end-April, indicating higher demand for importing the metal into China
Copper prices rose on Wednesday as investors bet on a strong outlook for the metal in the second half of this year due to falling inventories and rising premiums in top consumer China.
Three-month copper on the London Metal Exchange advanced 0.4% to $9,792.50 a tonne by 0512 GMT, and the most-traded September copper contract on the Shanghai Futures Exchange gained 0.3% at 72,220 yuan ($11,098.82) a tonne.
Yangshan copper premium was last traded at $45 a tonne, hovering near its highest level since end-April, indicating higher demand for importing the metal into China.
Copper prices surging to pre-coronavirus levels
Meanwhile, the metal price is supported by falling inventories in ShFE which hit their lowest since Feb. 10 at 96,087 tonnes by the end of last week, exchange data showed.
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