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Copper prices surged to their highest level in nearly a month on Monday, driven by stronger demand from China, the world’s top metals consumer.
Three-month copper on the London Metal Exchange (LME) climbed by 0.1 percent to reach US$9,090 per metric tonne, after briefly touching US$9,145, the highest price since December 12, 2024, according to the ZANACO daily Treasury Newsletter.
Copper remains Zambia’s top foreign exchange earner, bolstered by increased mining activities in the country.
At the same time, US prices for copper narrowed their premium over London prices, ahead of anticipated US tariffs.
Meanwhile, base metals remained rangebound, with a strong US dollar, supported by robust economic data, limiting further price increases.
News of Indonesia cutting nickel ore mining quotas also boosted Shanghai nickel prices.
Zanaco reported that China’s imports of unwrought copper and copper products surged to a 13-month high in December, increasing by 17.8 percent year-on-year to 559,000 metric tonnes, according to customs data released Monday.
In contrast, oil prices extended their rally for a third session, with Brent crude rising above US$81 per barrel, the highest level in over four months.
This increase was attributed to anticipated US sanctions impacting Russian crude exports to key buyers like China and India.
Brent crude rose to US$81.49, the highest since August 27, 2024, while US West Texas Intermediate crude climbed 2.02% to US$78.12.
Gold prices held steady, with spot gold at US$2,689.09 per ounce, just below the one-month high reached on Friday.
US gold futures gained 0.2 percent, reaching US$2,719.50, as stronger-than-expected US job data reinforced the Federal Reserve’s cautious stance on rate cuts.
The uncertainty surrounding the incoming Trump administration also supported demand for gold as a safe-haven asset.
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