Copper prices have soared 5.3% last week on the London Metal Exchange (LME), reaching its highest level since September 2012 which was driven by expectations of stronger demand and tight supply.
On the LME, it climbed as much as 0.9 percent to $8,406 a ton.
Also, other industrial metals rose after United States Treasury Secretary Janet Yellen urged G7 finance leaders to “go big” with additional fiscal stimulus.
According to Bloomberg Intelligence Analysts, Grant Sporre and Andrew Cosgrove, expecting their situation of will have 5% request development within the ballpark, generation direction from the best 25 copper makers demonstrates the market may be in a sizable shortfall this year.
Meanwhile, there has been a hypothesis that more factories in China has been open during Lunar New Year holiday which kept the copper demand elevated during slow period of industrial activities. China was considered as the world’s top consumer.