CLOSE TO CLOSE: Copper prices hit 11-week high after overnight surge

Copper prices closed at their highest level in eleven weeks on the London Metal Exchange on Tuesday March 24, although the red metal met technical selling after briefly trading above $6,200 per tonne overnight.

The three-month contract closed at $6,145 per tonne on Tuesday, up from $6,120 a day earlier and at the highest level since January 5. The red metal rallied higher at the start of electronic trading, responding to a 3.6% jump in Comex prices that took place while the London market was closed. Copper prices jumped sharply on the US bourse after a 6.0 magnitude earthquake struck in northern Chile, adding to already-heightened concerns about mine supply from the region. The LME copper contract briefly traded at a high of $6,203.50 as trading opened...

Published

Mark Burton

March 24, 2015

18:00 GMT

London