COPPER has hit a three-month high on the London Metal Exchange, reaching its highest price in two months after a long run of losing sessions.
The metal closed 1.9pc higher due to the fears of copper smelters in China reducing output by as much as 15pc as a result of the COVID-19 outbreak.
Concerns over short supplies of refined metals spurred the higher prices, amid transport restrictions from China.
China issued import quotas for another 4620t of high-grade copper scrap and 1440t of aluminium scrap for use in 2020.
Aluminium on the LME also closed higher with a 1.8pc increase, as did nickel, zinc and tin, as shipment schedules continue to be upset and uncertainties abound.
Demand and supply side are both impacted.
Some container ports in China are congested with less working labour amid the outbreak.
Supplies cut short by shipping bans could affect a range of industries, including car makers such as Hyundai Motors, which has suspended production in South Korea.
