Shanghai copper prices hit their highest in nearly seven weeks on Wednesday, cheered by news that China is seeking more effective policies to ensure stable economic growth. "Risk appetite is back," said a Singapore-based trader, adding that some stop-loss buying helped fuel the rise in copper.
"The general sentiment is that the US fiscal problems will probably just be kicked down the road, and we may even see a short-term rally." The most-traded March copper contract on the Shanghai Futures Exchange gained more than 1 percent to a near seven-week high of 57,970 yuan ($9,300) earlier in the day, and closed at 57,760 yuan.
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