Copper Approaches All-Time High In Unexpected Winning Streak

Monday markets saw base metals surge to new heights, with copper rallying above $9,000 (N4,248,000) a ton and Nickel topped $20,000 (N9,440,000) a ton. 

Three-month copper on the London Metal Exchange rose as high as 3.1 percent to $9,187 (N4,336,264) a tonne, the highest since September 2011.

This is as a result of speculations that increased demand driven by the recovery from the pandemic will spur a historic deficit, putting the economic bellwether on course for a record run of monthly gains.

READ MORE: Oil Prices Soar Above $65 To New Highest In 13 Months

The contract is now 10 percent below the all-time record of $10,190 (N4,738,350) a ton which it reached in February 2011.

The metal’s revival marks a turnaround from earlier in the month when copper hit turbulence as investors signalled the need for more details about stimulus measures and on concerns about a softening in Chinese demand. But prices rose during China’s Lunar New Year as factory production was more abundant than usual.

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