Copper prices jumped to the highest since February 2013 on Friday on hopes that economic stimulus in the US will further boost demand for the bellwether metal, already in short supply amid an Asian factory and construction boom.
The US Congress is facing down a midnight deadline to pass a relief measure as part of a massive government spending bill, which would be the largest in history after the $2.2 trillion Cares Act, passed in late March.
On the Comex market, copper for delivery in March advanced 1.2% to $3.6445 a pound in New York, bringing gains in 2020 to over 30%. The metal dipped below $2.00 a pound at the height of the pandemic in March. On the LME, copper also surpassed $8,000 a tonne for the first time in nearly eight years. Read more…..
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Having reached a more than 6-year high, John Meyer from SP Angel suggests that $10,000 may be on the cards at some point.