China's Metals Mania Sends Copper Rocketing Past $14,000 a Ton [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
a dramatic start to the year fueled by a wave of intense speculative trading in China. Investors are piling into base metals on the Shanghai Futures Exchange on expectations for stronger US growth and more spending on data centers, robotics and power infrastructure. That's spurring global prices higher, with copper soaring as much as 7.9% on the London Metal Exchange to a record high of $14,125 a ton. Most Read from Bloomberg The Shanghai bourse is China's top commodities trading platform, and periodic bouts of high-volume trading on the exchange have often triggered major moves across global markets. January was already the busiest month on record for the SHFE's six base metals as of last week, and copper racked up its second-biggest daily trading volumes ever on Thursday. “This is all driven by speculative funds,” said Yan Weijun, head of nonferrous metals research at Chinese trader Xiamen C&D Inc. “It's likely all Chinese money given the surge is in Asian hours.” It's bee
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