LONDON- Copper burst higher to a record peak, fuelled by speculators and industrial buyers on the back of rosy economic data as Western economies recover from the pandemic.
Prices have soared 135 percent since the lows of last March when the emerging COVID-19 pandemic and lockdown hit demand.
Copper prices have also been propelled by forecasts of surging demand spurred by a green revolution of electric vehicles and renewable energy that will require more of a metal that is a strong conductor of electricity.
Benchmark copper on the London Metal Exchange (LME) broke above the previous record high of $10,190 set in 2011 to $10,435. It had gained 3.3 percent to $10,421.
“We’re in uncharted territory right now and the market is a bit frothy. The industrial players are in panic mode since there’s not much supply,” said GianclaudioTorlizzi, partner at Milan consultancy T-Commodity.
