Copper hits 1-1/2 year highs as BHP Billiton warns of lower output

Copper futures on Comex rallied to the highest levels since June 2015 at $ 2.730/ pound, after BHP Billiton Ltd, the world's largest miner by market value, warned over lower production levels this fiscal year, following a sharp fall in first-half output. This news fanned concerns over global supply disruptions and drove the prices through the roof.

BHP now expects to supply 1.62 million metric tons of the metal used in everything from automobiles to air conditioners during the year through June, down 2% on a prior forecast, MarketWatch reports.