Copper prices jumps past $9,000 for first time in almost 10 years
1 min read.Updated: 22 Feb 2021, 09:28 AM ISTReuters
Three-month copper on the London Metal Exchange climbed as much as 3.1% to $9,187 a tonne, the highest since September 2011, also helped by a weaker dollar
London copper jumped on Monday to cross the $9,000 a tonne level for the first time since September 2011, extending a rally that has been driven mainly by expectation of a pick-up in demand after the Chinese New Year.
Three-month copper on the London Metal Exchange climbed as much as 3.1% to $9,187 a tonne, the highest since September 2011, also helped by a weaker dollar. Last week, it posted its third straight weekly gain.
The contract is now 10% below the all-time high of $10,190 a tonne touched in February 2011.
The most-traded April copper contract on the Shanghai Futures Exchange advanced as much as 6% to 67,370 yuan ($10,433.64) a tonne, its highest since August 2011.
The dollar fell to a three-year low on rising risk sentiment, making greenback-priced LME metals cheaper to holders of other currencies.
Meanwhile, copper demand is expected to rise as top consumer China returned from a long holiday and on hopes of a stronger global economic recovery due to COVID-19 vaccine roll-outs and further stimulus.