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Business

December 2, 2016

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Copper rises

Copper rises

Melbourne

Shanghai copper futures climbed nearly 2 percent on Thursday, recovering some of the previous session´s steep losses, as a rally in oil prices filtered through to other commodities.

OPEC agreed on Wednesday to its first oil output cuts since 2008, driving up crude prices by around 10 percent.

"Industrial metals were stronger, spurred on the by the gains in the energy sector," ANZ bank said in a note, although it cautioned the oil-inspired rally could soon top out.

Higher oil prices could reactivate more dormant U.S. shale oil output, the bank said, adding that it doesn´t expect oil to fetch much above $60 per barrel in early 2017.The most-traded copper contract on the Shanghai Futures Exchange had risen 1.8 percent to 47,060 yuan ($6,827.12) a tonne by 0700 GMT, after falling 3.6 percent on Wednesday.

 

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