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Copper prices are up 16% year-to-date

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Copper prices topped $9,000 a tonne on Monday for the first time since 2011, and spot copper premiums from the London Metal Exchange (LME) hit a two-year high, signaling tight
supplies.
Other base metals also rose sharply, with nickel prices topping $20,000 a tonne for the first time since 2014
.

Copper prices

At 1710 GMT, LME benchmark copper rose 1.
9% to $9,075.
50 a tonne
, after touching $9,269.
50 a tonne earlier in the session.

Copper prices have risen about 7 percent since China, the largest consumer, ended the Lunar New Year holiday last Thursday, rising 16 percent so far this year and 26 percent
in 2020.

Saxo Bank analysts said the failure to hold the highs touched in early trading suggested the rally could now meet resistance
.
He said technical indicators showed copper was overbought, and investors remained cautious on a broader basis as they feared a rapid rise in U.
S.
Treasury yields could drag stocks down
.

LME spot copper premium extended to US$49.
50 per tonne from three-month copper, the highest since March 2019, indicating a recent shortage of metal supply
.

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