Chinese buyers snapped up copper as prices plunged below $8 500
Chinese copper buyers used Monday’s collapse in prices below $8500 a ton to significantly increase purchases, traders said, helping to trigger a dramatic rebound even as a rout in other global markets deepened further. Copper prices plunged as much as 7.7% within 15 minutes of opening on the London Metal Exchange, before reversing direction to rally nearly $1 000 in a little over two hours — the largest intraday move since 2009. The trading became so frenetic that copper volumes on the LME in the second hour of trading were the highest of any hour since Donald Trump’s election in 2016.
Chinese copper buyers used Monday’s collapse in prices below $8500 a ton to significantly increase purchases, traders said, helping to trigger a dramatic rebound even as a rout in other global markets deepened further.
Copper prices plunged as much as 7.7% within 15 minutes of opening on the London Metal Exchange, before reversing direction to rally nearly $1 000 in a little over two hours — the largest intraday move since 2009. The trading became so frenetic that copper volumes on the LME in the second hour of trading were the highest of any hour since Donald Trump’s election in 2016.
