Copper Prices Surge on Warrant Cancellations and Weaker Dollar

Copper prices rose on Monday as cancellations of warrants for metal earmarked to exit the London Metal Exchange triggered buying, while a lower US currency reinforced positive sentiment.

The benchmark copper price on the LME traded 0.2 percent higher at USD14,240 a metric ton in official rings, with prices touching USD14,396 last week, their highest since January's peak of USD14,527.50.

The cancellations are mostly in LME-registered warehouses in the US and Asia, with most of the cancelled metal delivered last week against short positions maturing.