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Business

REUTERS
February 15, 2018

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Copper jumps

Beijing : Shanghai copper prices rose for a second session on Wednesday, registering their biggest daily leap since October, as traders took up new positions in the metal before the Shanghai Futures Exchange (ShFE) closed for a national holiday.

Market open interest on Shanghai copper hit 811,170 lots on Tuesday, the highest since January 2016, ahead of the Lunar New Year holiday in China beginning on Thursday.

Traders were likely covering their short positions ahead of the week-long holiday, which could put them at some risk due to volatility in London Metal Exchange (LME) prices. London copper prices earlier rose back above the level of $7,000 a tonne that has provided support so far in 2018, before easing back as the dollar trimmed its losses. "Copper has made a strong attempt to regain $7,000 as the big figure and there certainly has been Chinese buying in front of tomorrow´s New Year shutdown," Malcolm Freeman, CEO of Kingdom Futures, wrote in a note.

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