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Copper prices hit a four-month high due to robust Chinese imports Copper prices hit a four-month high due to robust Chinese imports

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    Copper prices hit a four-month high due to robust Chinese imports

As the sun rose on the Comex market in New York, the price of copper for delivery in March reached new heights, soaring to $3.94 per pound ($8,668 per tonne), a 0.2% increase compared to Tuesday’s closing.

[Click here for an interactive chart of copper prices]

According to customs data released on Wednesday, China hiked its copper cathode imports by 13.5% from October to 378,791 tons in November.

This surge in demand was also reflected in the rebound of physical copper premiums, signaling a resurgence in spot buying appetite.

The analysts at CCB Futures noted, “Demand firmed as copper users looked to replenish stocks and thin inventory in China.”

Despite this impressive growth, the ascent of copper faced resistance from a stronger dollar index, making greenback-priced metals more costly for buyers transacting in other currencies.

(With files from Reuters)