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Copper hit a nine-and-a-half-year high on Tuesday, but gains slowed as stocks fell and investors questioned whether strong demand and tight supply would be enough to extend the stunning rally
.
U.
S.
stocks fell about 1 percent, the sixth straight session of declines
.
At 1700 GMT, the London Metal Exchange (LME) benchmark copper rose 1.
2% to $9,205 a tonne, hitting an intraday touch of $9,305 a tonne, the highest
since August 2011.
Copper prices have surged 17% so far in February, the biggest monthly gain since November 2016, bringing copper prices to around
50% since the start of 2020.
Many analysts expect demand from the power and construction sectors to outstrip supply, potentially pushing copper prices to record levels above $10,190 a tonne
.
Independent analysts said the copper rally may need to be paused in the short term, but the outlook remains bullish
.
He said the correction was expected to be fairly brief.
Brokers said that as of the end of last week, speculators held 54% of open interest in copper on the London Metal Exchange (LME) and 39%
of open interest on the Shanghai Futures Exchange (ShFE).
China's Yangshan copper premium rose to $75 a tonne, the highest since August, indicating strong
Chinese demand.
Copper stocks in LME registered warehouses are near their lowest level since 2005, and spot copper is at a premium compared to copper in future
.
