Copper prices continue to climb on Monday after a record high rally in February, when the metal rose 15%, hitting highs since summer 2011, trading data show. As of 8.31 Moscow time, the cost of May copper futures on the Comex exchange grew by 1.32% to $ 4.155 per pound (about 0.45 kilograms). Last Thursday, February 25, the copper price hit $ 4.3755, the highest level since August 3, 2011. As a result of trading on Friday at the London Metal Exchange (LME), the cost of a ton of copper for delivery in three months fell by 3.56%, to $ 9077, aluminum – by 3.6%, to $ 2154.5, zinc – by 3.37 % to $ 2,792.5 per ton. Copper prices increased by 15% in total in February. At the same time, the metal has shown monthly growth since October and during these five months has added a third of its value, from $ 3.04. February growth became the strongest in more than four years – since November 2016 (then copper rose in price by more than 17%). Supported copper prices in February were expectations of a recovery in demand and the outlook for the economy of China, the world’s largest copper consumer. The optimism was boosted by advances in the fight against coronavirus thanks to the rollout of vaccinations around the world, as well as hopes of continued support for the economy after last year’s collapse due to a tough lockdown. Investors on Monday are also evaluating statistics from China. The index of business activity (PMI) in the industrial sector of the Chinese economy, according to the business publication Caixin, in February fell to 50.9 points from 51.5 points a month earlier. Although analysts expected the indicator to remain at the January level, the index remained above 50 points, which indicates an increase in economic activity. A source; PRIME


Show CommentsClose Comments

Leave a comment