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The Commodities Feed: Copper surges to 11-month high
Copper rallied to its highest level seen in 11 months yesterday as major smelters in China pledged to control capacity. Executives from 19 smelters have agreed to re-arrange maintenance work, reduce runs and delay the startup of new projects, the China Nonferrous Metals Industry Association said in a statement following a meeting on Wednesday. The statement didn’t give any further details on the adjustments. Copper spot treatment charges in China fell to the lowest in over a decade after the country’s expansion of its smelting and refining capacity. The shift is largely driven by China’s strategic need for ... (full story)