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<Commodity>LME Copper Price Up 2%+ in Early Asian Trading, Poised for 10-day Rise and Longest Rally in 8 Yrs
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Copper prices are estimated to ascend for ten trading days in a row, marking the longest streak since 2017, Bloomberg reported. Copper on the London Metal Exchange (LME) last hiked 2.2% to US$12,489 per ton, with an intraday high of US$12,493. It receded after hitting a near record high of US$13,000 per ton yesterday (29th). Year-to-date, copper futures have mounted over 40%, likely to record the sharpest annual upsurge since 2009. The weakening of the US dollar underpinned the uptrend, with the US dollar index down about 8% for the year. Supply issues dominated the market, with accidents occurring at copper mines in Indonesia, Chile, and the Democratic Republic of Congo. The threat of US import tariffs was even a major driving factor, with traders flocking to stockpile copper ahead of tariffs and shipping large chunk of copper to the US. AASTOCKS Financial News Website: www.aastocks.com |
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