Copper rose to the highest level in a week after U.S. lawmakers said they’d resume talks on raising the debt limit as the deadline approaches and as stockpiles of the metal declined.
Copper for delivery in three months climbed rose 0.6 percent to $7,280 a metric on the London Metal Exchange at 9:43 a.m. Shanghai time. That’s the highest intraday level since Oct. 8.
With the U.S.’s borrowing authority set to lapse tomorrow, leaders in the Senate said they’d reopen negotiations aimed at avoiding a default and ending the 15-day-old partial government shutdown after the Republican-controlled House scrapped a vote on its plan.
“Any type of positive development in the talks offers support to copper prices,” said Zhou Jie, head of the trading department with Shanghai CIFCO Futures Co.
Stockpiles tracked by the LME fell one percent yesterday to 503,425 tons, the lowest since March 7, daily exchange figures showed.
Copper for delivery in January rose 0.1 percent to 52,220 yuan ($8,560) a ton on the Shanghai Futures Exchange. Metal for delivery in December fell 0.3 percent to $3.298 a pound on the Comex in New York.
On the LME, aluminum and tin increases, nickel and lead were little changed, and zinc fell.
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