SINGAPORE- Shanghai copper prices touched a more than six-month peak, supported by mounting supply risks in top producer Chile and upbeat manufacturing data in major economies.
The most-traded August copper contract on the Shanghai Futures Exchange touched 49,570 yuan ($7,013.20) a ton, its highest since Dec. 30, 2019, before easing to 49,350 yuan a ton, still up 0.5 percent.
Manufacturing activity rebounded in the United States in June, while the factory sector in Germany, Europe’s largest economy, contracted at a slower pace and top copper consumer China posted better-than-expected manufacturing data.
“Economic data points to healthy demand recovery while risk of further supply disruptions remain high,” said a Singapore-based copper analyst, who sought anonymity in line with company policy. — Reuters
