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Red metal on march after dash for stocks by China

Stockpiling of copper by a secretive Chinese state organisation has helped trigger an impressive revival in the price of the red metal with a rally of 28 per cent this year.

Copper's fortunes are closely tied to the industrial cycle so the price jump, bigger than that of gold, has grabbed attention outside the commodities market, with some questioning whether it could signal a turning point for economic growth.

However, developments in China, which accounted for almost a third of global copper consumption last year, remain central to the market's prospects.

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