Want clues as to what's going on in copper? Look to China for signs
BNN Bloomberg
Copper hit an 11-month high this week, propelled by a lack of supply coming out of Chinese smelters and a surge in bullishness in international markets.
The metal's price hit a new 52-week high of $9,089 a ton on the London Metal Exchange, rallying from a low of below $8,000 as recently as October on mixed economic indicators from China.
The metal has gained more than 10% since the middle of February, driven by concerns over supply disruptions at mining and smelting facilities, and a generally optimistic outlook for the global economy.
In a sign of robust demand, the total number of outstanding contracts for copper on the Shanghai Futures Exchange hit a record high of over 500,000 since last week as investors increased their appetite for the key metal.
