HANOI – London copper jumped on Monday to cross the $9,000 a ton level for the first time since September 2011, extending a rally that has been driven mainly by expectation of a pick-up in demand after the Chinese New Year.
Three-month copper on the London Metal Exchange climbed as much as 3.1 percent to $9,187 a ton, the highest since September 2011, also helped by a weaker dollar.
Last week, it posted its third straight weekly gain.
The contract is now 10 percent below the all-time high of $10,190 a ton touched in February 2011.
The most-traded April copper contract on the Shanghai Futures Exchange advanced as much as 6 percent to 67,370 yuan ($10,433.64) a ton, its highest since August 2011.
The dollar fell to a three-year low on rising risk sentiment, making greenback-priced LME metals cheaper to holders of other currencies.