Copper hits US$10 000/t

06 May 2021 | Business

Copper prices yesterday surpassed the key psychological level of US$10 000 a tonne on hopes for further global economic recovery, but trading volume was tepid due to China market holidays. Three-month copper on the London Metal Exchange rose as much as 0.7% to US$10 040, its highest level since February 2011 when the contract hit a record high of US$10 190 a tonne. The US economy is growing at its fastest rate since the early 1980s, while British manufacturing activity grew at the fastest pace in almost 27 years last month. "Investors have been increasingly focused on re-openings and the demand recovery, especially outside of China, which has become more evident of late," ING analysts said in a note. Photo Nampa/AFP