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Analysts at Mining.com say copper has continued its upwards charge, hitting the highest level since June 2022 as investors bet that curtailed ore supply will struggle to keep up with rising global demand.
Copper jumped as much as 2.7 percent to US$9,590.50 per tonne on Friday, after fresh data showing strong Chinese imports during March.
This is according to a report seen by Zambia Monitor on Sunday.
Analysts observed that copper had found itself strongly positioned after a mine-supply shock late last year that was now combining with better-than-expected consumption, as global manufacturing usage picks up.
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Prices had been observed to benefit as investors started to pivot into commodities as a hedge against renewed inflation fears.
They stated that futures on the London Metal Exchange had risen more than 11 percent this year as copper jumped as much as 2.7 percent to US$9,590.50 a tonne on Friday, after fresh data showing strong Chinese imports during March.
“The underlying narrative remains very positive, both from a challenged supply perspective and with regards to cyclical improvements in global growth,” said Marcus Garvey, the head of commodities strategy at Macquarie.
On the LME, hedge funds have increased their net long positions in copper to the highest since February 2021, according to data for the week through April 5, 2024 .
Investors have been focusing on signs of a recovering industrial sector in China, while disruptions at major mines have pressured margins at the Chinese processing plants that account for more than half the world’s supply, raising the prospect they will reduce output of refined metal.
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