Copper edges closer to US$10,000 a tonne, Bloomberg reports

Copper is reported to have edged closer to US$10,000 per tonne as result of bets that the global economy is recovering.

According to a Bloomberg report accessed by Zambia Monitor on Monday, copper climbed by one percent early Monday to reach US$9,970 a tonne.

This was before the red metal dropped to trade at $9,950 in Shanghai.

Other metals were mixed, with aluminum and zinc slightly lower.

“Copper edged closer to $10 000 a tonne after an April rally fueled by bets that a recovering global economy will lift demand for industrial materials,” it stated.

Analysts observed that metals had posted broad gains in recent weeks as copper opened Monday with a fresh advance to a two-year high.

Signs of improvement in manufacturing activity from the US to China have buoyed metals, and stubborn inflation is attracting renewed wagers on commodities.

Investors are contending with an apparent shift in the Federal Reserve’s path toward interest-rate cuts, with Chair Jerome Powell signaling last week that it’s going to take the bank “longer than expected” to be sure that inflation is under control.

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