Copper hits two-year high on possible China scrap ban

Copper jumped to its highest level in two years on reports that China could ban imports of scrap metal by the end of next year – a move that would probably boost demand for refined metals in the world’s top importer. Copper for delivery in three months on the London Metal Exchange rose as high as $6,400 a tonne on Wednesday, a level not seen since May 2015, having risen by about 5% over the past two sessions. In afternoon trading, it moderated its gains to $6,316 a tonne. China is the world’s biggest consumer of the metal, buying about 50% of global supply. According to the Financial Times, reports on Wednesday claimed that the recycling branch of China’s non-ferrous metals association had received a notice that imports of scrap metal including electrical wire, motors and bulk scrap metal could be barred next year.