LONDON – Copper prices surged to their highest in 29 months as speculators extended
a buying spree on continued strong demand in top consumer China and potential supply
Aluminium, zinc and lead also hit multimonth peaks, fuelled by speculative funds
that largely use automated trading based on technical signals such as momentum, traders
and analysts said.
Benchmark copper on the London Metal Exchange (LME) had gained 2.5 percent to
$7,266.50 a ton, its highest since June 2018.
“Fundamentals haven’t changed a lot recently. We know that Chinese demand is
strong and supply is constrained in some parts of the world,” said Julius Baer analyst