Copper hit 29-month peak

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    LONDON – Copper prices surged to their highest in 29 months as speculators extended
    a buying spree on continued strong demand in top consumer China and potential supply
    disruptions.

    Aluminium, zinc and lead also hit multimonth peaks, fuelled by speculative funds
    that largely use automated trading based on technical signals such as momentum, traders
    and analysts said.

    Benchmark copper on the London Metal Exchange (LME) had gained 2.5 percent to
    $7,266.50 a ton, its highest since June 2018.

    “Fundamentals haven’t changed a lot recently. We know that Chinese demand is
    strong and supply is constrained in some parts of the world,” said Julius Baer analyst
    Carsten Menke.