Copper price soars to 7-month high on China’s plans to cut output

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Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper,

The rise started on the Shanghai Futures Exchange , where copper reached a two-year high of 70,460 yuan per ton. Shortages have led to intensifying competition for mined copper concentrates, causing a sharp fall in income for smelters to decade-low levels. However, higher copper prices could further dampen demand in top consumer China, as can be seen in inventories.

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