Copper in London surged to the highest level since 2014 after China ordered its top producer to halt output to combat winter pollution, adding further impetus to a rally in the metal this year that’s been driven by optimism about demand as well as supply disruptions at mines. Copper rose as much as 1.2 percent to $7,210 a metric ton as trade resumed after the Christmas break, and was at $7,187 at 10:06 a.m. in London. Gains now run to nine days, the longest streak since 2004 with the metal up nearly 30 percent this year, surpassed among LME metals only by aluminum.
The advance in 2017 has been backstopped by supply disruptions just as the outlook for global growth improves and investors and miners target potential new uses, including in electric vehicles. The world’s largest producer, Chile’s Codelco, has forecast that prices may test record highs above $10,000, while UBS Group AG’s wealth management unit on Wednesday predicted further gains.