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.
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