Copper Surges to Record as China Refrains From Raising Rates
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Copper prices climbed to a record in London and closed at an all-time high in New York after China refrained from raising borrowing costs over the weekend, bolstering speculation that metal demand will continue to rise.
Last week, China increased reserve-requirement ratios for banks by half a percentage point amid accelerating inflation. The country, the world’s largest metal user, said on Dec. 10 that imports of copper and copper products gained for the first time in three months.