Copper's price rally stretches higher as China stocks, US data harden bull convictions

China's copper traders did not want to wait until after the week-long holidays to buy the metal.

Wednesday February 10 saw a raft of orders in the London Metal Exchange overnight market, sending volumes well over regular levels as Chinese institutions and traders sought to lock positions ahead of the Lunar New Year.
The injection saw copper's price trade at fresh eight-year highs over $8,300 per tonne this week, at a time when markets were beginning to waver over the metal's future prospects having undergone a demand-driven rally of 90% since last March.
Open interest for trading copper on China's Shanghai Futures Exchange rose by 8% ahead of the holiday, Citi metals analyst Oliver Nugent told Fastmarkets.

"It's pretty remarkable; these investors put length on at a time when they can't move that position or trade it for a...

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