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London Metal Exchange (LME) benchmark copper surged to pre-coronavirus crisis levels on Friday, posting its biggest weekly gain in more than two years this week, as Chinese demand rebounded and speculators turned bullish on copper prices
.
On July 10 at 17:00 London time (July 11 00:00 Beijing time), LME three-month copper rose 1.
78% to $
6,412 a tonne.
Copper futures rose more than 6.
6 percent this week, the eighth straight weekly gain and the biggest weekly gain since February 2018
.
Copper is currently trading at its highest level since May 2019, hitting a low of $4,371 a tonne in March
.
Capital Economics analysts said copper prices are also starting to digest supply risks
.
As things stand, Chinese demand is picking up not only faster, but faster than most people expect
.
In June Chinese RMB loans rose 22.
3% to 1.
81 trillion yuan
.
A surprise decline in producer prices in the US in June as higher energy commodity costs were offset by lower costs in the services sector, indicating subdued inflation, should allow the US Federal Reserve to continue pumping money into the economy to rewind the downward price momentum
.
Broker Marex Spectron said speculators' net long positions in LME copper rose to 12.
4 percent
of active contracts as of Wednesday.
Copper stocks on the Shanghai Futures Exchange rose 20,018 tonnes to 137,336 tonnes in the week ended Friday, but remained well below the March peak
.
LME warehouse receipt stocks fell by 6,200t to 88,600 mt, the lowest
since 16 January.
Among other base metals, LME three-month aluminium rose 1.
47 percent to $
1,688.
5 a tonne.
