Copper Prices Surge on Tight Supply and Equity Rally

Copper prices have rebounded for the fifth consecutive session as supply tightness in China and a rally in equities push the metal back towards its record high set earlier this month.

The Comex copper price for December delivery climbed as much as 3.3% to $6.8410 a pound, while benchmark three-month copper on the London Metal Exchange touched $14,710.50 a tonne before easing back to around $14,650.

The metal's supply shortage in China is unlikely to ease before year-end, with several Chinese refineries due for planned maintenance and congestion at Shanghai port making it difficult to judge how quickly imported cargoes will land.