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Copper prices soar
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COPPER prices soared yesterday on news that China would ban imports of scrap metal by the end of 2018.
The most traded copper contract for September delivery rose 3.75 percent to 50,050 yuan (US$ 7,411) per ton at the Shanghai Future Exchange after an analyst verified that the recycling branch of China Nonferrous Metals Industry Association received a notice about the country’s ban on imports of scrap hardware such as waste wire and bulk scrap metal from the end of next year.
Copper price at the London Metal Exchange rose to a two-year high of US$6,400 per ton on Tuesday.
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