RTRS: METALS-Copper at 5-mth highs as Chinese demand eyed
Copper gained 3.5 percent to hit 5-month highs on Monday, buoyed by rising equity markets, technical buying and Chinese demand expectations.
By 1018 GMT, copper for three month delivery MCU3 on the London Metal Exchange had climbed to $4,380 a tonne from $4,310 at the close on Friday and compared with a session high at $4,459, the highest since late October.
"We've seen some persistent Chinese buying recently," said Andrey Kryuchenkov, an analyst at VTB Capital. "Risk-sentiment has also improved somewhat and obviously the G20 provided some boost."
"Metals are being very macro data sensitive ... they are tracking another bounce in equities, as investors hope for a quick economic recovery." Prices of the metal used in power and construction have risen more than 40 percent this year.
