Copper Nears $10,000 Amid Global Economic Recovery Optimism
Copper prices are approaching the $10,000 per ton mark following a strong April rally driven by expectations of a rebounding global economy and increased demand for industrial materials.
In recent weeks, metals have experienced broad gains, with copper reaching a two-year high at the start of the week. Improvements in manufacturing activities, particularly in key economies like the US and China, have contributed to the positive sentiment surrounding metals.
Additionally, persistent inflation concerns are renewing interest in commodities as investors seek assets that may act as hedges against rising prices.
Investors are closely monitoring signals from the Federal Reserve regarding its stance on interest rates, with Chair Jerome Powell indicating that the central bank may take longer than initially anticipated to address inflation concerns.
Early Monday, copper prices rose by 1% to nearly $9,970 per ton before settling at $9,950 in Shanghai trading. However, other metals like aluminum and zinc experienced mixed performance, with slight declines observed.
