Copper Rises as Chinese Imports Jump Amid Scrap Shortage Fears

Copper prices rose to the highest in nearly two weeks on signs of rising demand from China as local smelters brace for a potential shortage of scrap metal.

Three-month futures on the London Metal Exchange touched $9,885 a ton, the highest since July 8. Chinese imports of refined copper jumped 15% in June from the previous month.

President Donald Trump’s imminent 50% tariff on copper imports has sent shipments of American scrap metal to China plunging to a 21-year low, reducing supplies of a key feedstock for many of the Asian nation’s smelters. Chinese scrap processors also face reduced tax ...