Copper prices spiked on Wednesday to their highest level in more than four-and-a-half months on restocking in China and firmer physical demand, but a stronger dollar weighed on the market.
Three-month copper on the London Metal Exchange (LME) was little changed at $8,591 per metric ton by 1200 GMT after touching $8,665, the highest since Aug. 4.
China, the world’s top metals buyer, bought more copper in November. Its copper cathode imports grew by 13.5% from October to 378,791 tons, according to customs data released on Wednesday.
Physical copper premiums, an indicator of spot buying appetite, also rebounded this week .
Demand firmed as copper users looked to replenish stocks and thin inventory in China, analysts at CCB Futures said.
Curbing copper’s upside was a firmer dollar index, making greenback-priced metals more expensive for buyers using other currencies.
LME aluminium dropped for a second consecutive day after surging 8% over the past one week. It was last trading at $2,246.50 a ton, down 0.7%.
Zinc edged up 0.1% to $2,584, lead gained 0.8% to $2,081.50, nickel rose 0.2% to $16,775 and tin added 0.3% to $25,200.
(Reporting by Julian Luk; Editing by Kirsten Donovan)
