Copper prices surge

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LONDON- Benchmark copper prices touched the highest level in nearly a month on Friday, propelled by firmer demand in top metals consumer China, while US prices narrowed their premium over London ahead of expected US tariffs.

Three-month copper on the London Metal Exchange (LME) was 0.1 percent higher at $9,090 a metric ton after touching the highest since Dec. 12 at $9,145.

“The broader backdrop looks slightly bearish, but China looks good, actually, in terms of demand for base metals at the moment, so that’s probably helping to push prices up a bit,” said Dan Smith, head of research at Amalgamated Metal Trading.

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The most traded February copper contract on the Shanghai Futures Exchange (SHFE) added 0.8 percent to 75,270 yuan ($10,264.73) a ton.

Firmer Chinese demand was highlighted by a spike in the premium paid over SHFE prices to buy copper in the spot market to 145 yuan, the highest since September and compared to a discount of 40 yuan on Dec. 30.

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