Copper prices rose on Monday to their highest in almost two weeks, building on last week’s gains as industrial output growth in top metals consumer China accelerated faster than expected in January-February and concerns over global supply resurfaced.
Three-month copper on the London Metal Exchange was up 0.4 percent at $9,124.50 a ton, after earlier rising to $9,199.50, the strongest since March 3.
The most-traded May copper contract on the Shanghai Futures Exchang e cl imbed 1.1 percent to 67,770 yuan ($10,421.34) a ton. Earlier in the day, it hit its highest since March 3 at 68,230 yuan.
China’s industrial output grew 35.1 percent in January-February from a year ago, beating a 30 percent surge expected in a Reuters poll and faster than the 7.3 percent gain in December, suggesting a sharp rebound of the world’s second-largest economy in the first quarter.