Copper prices, which have been among the hardest-hit in this year’s commodity fallout, rallied on Thursday amid reports that China regulators may be looking into short-selling of copper and other metals.
December high-grade copper HGZ5, +2.08% jumped 5 cents, or 2.2%, to $2.092 a pound, according to FactSet Research. December platinum PLZ5, +0.93% PLZ5, +0.93% rose $7.80, or 0.9%, to $850.60 an ounce. Copper was the best performing metal among the base and precious metals group.
China’s biggest nickel and copper suppliers will meet this week and is considering measures to combat what they see as excessive short-selling of copper, zinc and other metals, and provide support for the market, according to sources cited by Bloomberg News.
In addition, other sources cited said the China Nonferrous Metals Industry Association asked the National Development and Reform Commission has been asked to try to support prices for nickel, aluminum and other metals by buying those commodities.
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