BLBG: Copper Surges to Three-Week High in Shanghai After Holidays
Oct. 9 (Bloomberg) -- Copper jumped to a three-week high in Shanghai, catching up with gains on international markets in the past eight days when China’s exchanges were closed for holidays.
Copper for January delivery on the Shanghai Futures Exchange climbed as much as 2,260 yuan, or 4.8 percent, from the previous settlement price to 49,630 yuan ($7,270) a metric ton when the exchange opened for trading at 9 a.m. local time. This is the highest level for a most-active contract since Sept. 17.
Copper on the London Metal Exchange surged 7.2 percent this week and futures in New York climbed 7 percent as the U.S. currency weakened, spurring purchases in dollar-denominated commodities.
To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net
