Economics
Copper Extends Gains as Shanghai Open Interest Rises to Record
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Copper advanced for a second day in London and rose the most in six months in Shanghai as the number of outstanding contracts on the Chinese bourse rose to a record.
Open interest of copper contracts on Shanghai Futures Exchange surged 12 percent last week to a record 952,018, the biggest jump since November, bourse data shows. By comparison, open interest on the London Metal Exchange rose 2.4 percent to 315,265 as of Jan. 29. One contract in Shanghai represents five metric tons, while futures in London are for 25 tons.