Copper Hits the Highest Level of the Last 9 Years!

Copper prices saw a 9-year peak with the expectation that the coronavirus vaccine would support global growth.

Copper hits the highest level of the last 9 years. Prices continue to rise with optimism that the vaccine developed to combat the coronavirus epidemic will support global growth. Speculation that Chinese mills will be open on holiday also supported the price increase. Copper shortage concerns and strong demand in the markets helped copper prices to test the highest level since 2012. Stating that some positive factors support copper prices, MineLife Pty. Senior Analyst Gavin Wendt said, "These are the expectation that US incentives will lead to an increase in inflation, the decline in the dollar and historically low stocks". The analyst also noted that the outlook for copper production in 2021 is negative due to coronavirus cases seen in key production regions in South America. Copper prices rose 0.9 percent on the London Metal exchange to $ 8,406 per ton, testing the highest level since 2012. There was also an increase in nickel and aluminum prices. The price of iron for May futures fell 0.3 percent in Singapore to $ 152.45 per tonne.