COMEX Copper soared to a two week high above $2.80 per pound on strong buying. China's monthly imports of copper concentrate rose to a record in July as Chinese smelters ramped up purchases to feed their growing capacity and take advantage of high processing charges. MCX Copper also broke above Rs 420 levels to end at Rs 421.10 per pound, up 0.74% on the day.
China, the world's biggest copper consumer, imported 1.845 million tonnes of copper ores and concentrates last month, according to data released by the General Administration of Customs. That was up 31.8% from a year earlier, beating the previous record of 1.78 million tonnes in November 2017, and also 5.4 percent higher than the revised figure of 1.75 million tonnes imported in June.
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