Copper prices soared to their highest levels since April 2012, despite no market evidence to support the precious metals meteoric rise.
Copper’s price per ounce hit $3.91 (+2.36%) today, with nickel and aluminum seeing similar spikes to record highs of $18,612 per tonne (+0.63%) and $2,115 per tonne (+1.36%) respectively.
Gold continued its decline this week, falling below $1,800 an ounce yesterday before close. The Gold Continuous Contract is currently at $1,784.50 (+0.64%), regaining some of its losses from yesterday.
Silver has started to slump since its gains the past few weeks, down to $26.24 an ounce (-0.27%) this morning, with platinum marching forward to $1,273 an ounce (+1.22%).
Investors are concerned by this sudden climb in copper’s value, with Commerzbank calling it a “break from reality”.
Industrial metals analyst Daniel Briesemann told MarketWatch that there was no data supporting the “pronounced rise” in the metal market, saying that the shift was likely “being driven to a large extent by speculation”. Briesemann also suggested that the decline in gold’s value is being caused by similar forces.