Copper Climbs to $5,525 per Tonne On Chinese Demand

Copper prices shot up 0.5 percent on Tuesday and reached $5,525 a tonne on the London Metal Exchange, according to Reuters. The rise was largely attributed to speculation that Chinese copper smelters will curtail production.

Bloomberg reported on talks between Chinese copper producers who are concerned about dropping prices. Natixis SA in London Head of Commodities Nic Brown forecasted, “no concerted action, but plenty of scope for individual companies to cut back if they see fit.”

On the New York Comex, copper for March delivery gained 3 percent to $2.5635 a pound.