Copper Climbs to Highest Since August After Powell Rate Comments
- Potential mine closure tightens prospects for global supplies
- Ore supply deficit expected to grow next year: BloombergNEF
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Copper advanced to the highest level in almost four months after comments by Federal Reserve Chair Jerome Powell and the looming shutdown of a large mine in Panama emboldened bulls.
The metal rose as much as 2% on Friday, supported by an unexpected pickup in Chinese manufacturing activity. It extended gains following a speech by Powell, who reinforced expectations for monetary loosening to come early next year.