BENCHMARK copper leapt to its highest level in more than eight years on Monday, building on last week’s solid gains driven by expectations of stronger demand and tight supply.
Other industrial metals also rose after US Treasury Secretary Janet Yellen urged G7 finance leaders to “go big” with additional fiscal stimulus, raising hopes of a quick global recovery from the COVID-19 pandemic.
Three-month copper on the London Metal Exchange climbed as much as 0.9 percent to $8,406 a ton, its strongest since September 2012, after last week’s 5.3 percent rise.
However, light trading is likely to persist with markets in China, the world’s biggest metals consumer, closed for the Lunar New Year holiday until Feb. 17.
Copper prices rebounded on Friday as investors took advantage of a pullback to add to their bullish positions, betting demand will keep outpacing supply.
In China, the world’s biggest metals consumer, the Shanghai Futures Exchange is closed for the Lunar New Year and will reopen on Feb. 18.