Copper futures on the Comex jumped the most in 13 months, triggering a brief trading halt, as a report on increased government stimulus measures boosted prospects for demand in China, the world’s top metal user.
In New York, copper futures for December delivery rose 2.6 percent to close at $3.166 a pound at 1:20 p.m., the biggest gain for a most-active contract since Aug. 8, 2013. More than than 10,000 contracts traded around noon, and the price jumped as much as 4.1 percent, the largest intraday increase since May 3, 2013.
The surge triggered a “stop spike event,” and trading halted for 10 seconds with all transactions remaining valid, Damon Leavell, a spokesman for Chicago-based CME Group Inc. (CME), the Comex owner, said in a telephone interview. On Dec. 24, some deals were revised following an error after prices jumped as much as 4.2 percent.