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On Wednesday, copper futures on the London Metal Exchange (LME) rose for the fifth straight day, hitting a nine-and-a-half-year high
.
A weak US dollar, lower inventories, and the expected recovery of major economies from the pandemic supported a strong improvement
in demand.
Three-month copper on the LME benchmark rose 1.
6 percent to $9,353 a tonne at 1722 GMT, the highest since
August 2011.
Low global copper inventories and a rebound in demand in Europe and the United States have pushed up copper prices
in the near future.
Analysts at ING said that from a macro perspective, copper prices still have room
to rise in the next three months.
Strong demand growth, combined with expectations of rising inflation, could be the theme of the
copper market.
Data released on Wednesday showed German growth exceeded expectations
due to strong exports and strong construction activity.
But analysts at New York Capital Economics warned that base metals prices will fall by the end of the year as China's fiscal stimulus is gradually withdrawn, weighing on economic activity and demand for base metals
.
The dollar weakened on Wednesday, near a one-month low, suggesting dollar-denominated assets were more attractive
.
LME non-deliverable copper stocks rose 17% to 54,550 tonnes
.
But global visible inventories are decreasing, indicating healthy demand for copper
.
The premium of LME spot copper over three-month copper fell to $31.
50 a tonne, down from $
49.
50 on Friday.
