From Reuters, April 19:
Copper prices rose on Monday as global stock markets hit record highs and the dollar fell, with many analysts and traders expecting the metal to rally to new 10-year highs.
Benchmark copper on the London Metal Exchange (LME) was up 1.8% at $9,379.50 a tonne at 1605 GMT, after touching $9,436, its highest since Feb. 25.
“That February high” - $9,617 - “will be tested sooner or later,” said Saxo Bank analyst Ole Hansen, taking prices to their highest since 2011. Prices would then target $10,000 a tonne, he said.
MARKETS: Investors upbeat about the prospects for a global economic recovery from COVID-19 pushed up equities markets.
DOLLAR/YIELDS: Boosting copper have been a fall in U.S. bond yields that lifted equities markets and a weakening dollar, which makes metals cheaper for non-U.S. buyers.
The dollar weakened further on Monday while U.S. 10-year yields inched higher.
PARABOLIC: Economic recovery, ebullient markets, tight supply and a strong demand outlook should support copper, said analysts at ING....
....MORE
Recently:April 16
"Copper heads for biggest weekly gain since February"
The move is only beginning....
And via the FT's Natural resources editor:
"Chinese Firms Position for an Energy Transition Copper Supercycle"
Wood Mackenzie: "Build Or Buy: Are The Copper Majors Rising To The Growth Challenge?""
