Copper spiked to an 11-month high after Chinese smelters pledged to explore measures to cope with a plunge in processing fees, including possible production cuts that could leave buyers undersupplied.

Prices soared as much as 3.5 per cent after executives from at least 15 Chinese plants discussed potential steps, including production cuts, in Beijing on Wednesday. The rally sparked one of the busiest days for electronic trading in years on the London Metal Exchange, and brought a months-long spell of range-bound trading to an abrupt halt.

Bloomberg