Copper climbed to a near four-month high on Monday on continued strike action in Chile and after President Barack Obama announced a last-minute deal to raise the US borrowing limit and avoid a catastrophic default. The most-active October copper contract on the Shanghai Futures Exchange closed 1.1 percent higher at 73,440 yuan a tonne, after falling 0.1 percent in the last session.
Copper could reach a record near $11,000 a tonne before year-end, as easing credit conditions for Chinese consumers spur buying and a pick-up in the global economy attracts hedge funds back to the market, Macquarie analyst Jim Lennon said last week.