LME copper pushes up on strong China demand

SYDNEY, Jan 2 (Reuters): London copper was pushed higher on Tuesday on bets that demand in top consumer China will improve in 2018, keeping prices near four-year highs at the start of trading in the new year.

China is the world's largest consumer of industrial metals and accounts for nearly half of global copper demand. The metal has been supported by Beijing's attack on polluting industries, supply reforms and robust demand growth.

COPPER: Three-month copper on the London Metal Exchange climbed 0.3 per cent to $7,267.50 a tonne by 0113 GMT. The contract ended 2017 with an annual 31 per cent price gain, reaching prices last seen in January 2014 after peaking at $7,312.50 on Dec 28, according to Reuters data.

SHFE: The most-traded copper contract on the Shanghai Futures Exchange was trading 0.3 per cent lower at 55,430 yuan ($8,519) a tonne

COPPER TREATMENT CUT: China's copper smelters on Friday lowered the floor for their treatment and refining charges (TC/RCs) in the first quarter of 2018 by 8.4 per cent, signaling tighter supply of copper concentrate in the first three months of the New Year.