The red metal is red hot. Copper surged to the highest level in more than two years on the London Metal Exchange, lifting shares of producers including Glencore, driven by expectations that increasing demand in China may fuel a global shortage and buoyed by a weak dollar.
Benchmark three-month futures rallied as much as 2.2% to $6 362.50 a metric ton, the highest level since May 2015, and were at $6 349.50 by 12:29 p.m. in Shanghai. That’s a fourth day of gains, and extends Tuesday’s 3.3% jump. In Hong Kong, Glencore rose as much as 4.5%.