METALS-Copper jumps 3% as markets cheer Evergrande deal

LONDON, Sept 22 (Reuters) - Copper prices shot up 3% on Wednesday on relief that China’s debt-burdened Evergrande would pay interest on a domestic bond, easing fears that the property giant’s troubles might hit the global economy.

Three-month copper on the London Metal Exchange climbed 3% to $9,245 a tonne in official trading, reversing losses from the previous session when the contract went as low as $8,810 a tonne, its weakest since Aug. 19.

An Evergrande unit said it would make a bond interest payment on Sept. 23 after private negotiations with bondholders.

“That heartened markets for the time being and we’re running into some dip buying. Consumers are probably running short of inventory, so these prices may prompt restocking,” said independent consultant Robin Bhar.