Copper, the world’s most important industrial metal, entered a bull market on Thursday, boosted by strong demand from China and hedge funds closing bearish bets.
The metal, which is used in almost all construction projects and white goods and is a big source of earnings for global miners, was up just over 20 per cent from its March low on Thursday evening, above $5,530 a tonne. At that level it meets the normal definition of a bull market.
“Economic data is signalling a robust recovery in the Chinese construction and manufacturing sectors during the second quarter,” said Robert Edwards, principal analyst at consultancy CRU.
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