Copper prices breached $10000 a tonne for the first time since 2011, near the all-time high set that year, as the economic recovery boosted demand and mines struggled to keep pace.
The price of (LME) on the London Metal Exchange rose as much as 1.3 per cent to $10008 a tonne before falling back to near flat levels. The metal hit a record $10190 in February 2011.
By midday on Thursday, copper for may delivery was down 0.3%, with futures trading at $4.4860 a pound ($8615 a tonne) on the Comex market in new York.
"Click to view the historical spot price of metal.
Analyst Robert Edwards (Robert Edwards) believes that copper prices will rise further. "Copper prices have risen to alarming levels and may even go further, which is a boon for miners, who currently earn at least two dollars for every dollar they spend."
The price of copper has more than tripled from its record low because of the widespread belief that demand for copper will get a big boost, not only because of the economic stimulus after the pandemic, but also from decarbonization around the world to drive the rebound of copper.
For Tai Wong, head of metal derivatives trading at BMO Capital Markets, an all-time high of $10190 is just around the corner. He said it was a remarkable achievement in terms of the strength and consistency of copper.
Senior commodities strategists at ING Bank Yao Wenyu also believe that copper prices still have a way to go, pointing out that the outlook for the US economy continues to improve. The reopening of the economy, coupled with massive stimulus measures, faster-than-expected vaccine launches and fundamental support suggest prices are even higher.
