Commodities
Copper Prices Rise Amid Strong Chinese Demand
Copper prices rose on Wednesday due to signs of active demand in top consumer China. The metal, used in power and construction, gained 1.1% to $14,231 a metric ton on the London Metal Exchange.
The Yangshan copper premium, which measures Chinese demand for imported copper, increased by 7% to $118 per ton - its highest level in almost four years.
According to David Wilson, head of metals strategy at BNP Paribas, Chinese buyers are taking advantage of the recent price dip to restock copper, lifting import premiums.