Copper sees historic peak on demand hopes, tighter supply
Copper prices reached an all-time high record in both London and Shanghai markets on Monday. The jump came after investors’ enthusiasm was fueled by improving demand amid tightening supply.
Three-month copper on the London Metal Exchange advanced to a record peak of $10,660.50 per tonne during its early session. It then eased to $10,657 per tonne to trade 2.3% higher at 0545 GMT. On the Shanghai Futures Exchange, the widely traded June copper contract gained 4.7% before it jumped higher to 77,680.
The metal gained tighter momentum from its historic peak on the LME. Investors remained optimistic that copper demand will surge as the global economy recovers from the coronavirus drag. A rebound was expected as investments in green energy sectors jumped and tighter supply supported prices.