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LME copper prices have risen to near 10-year highs since copper prices bottomed in March as China's economy recovers from the coronavirus pandemic and investors are also chronically optimistic about the recovery of other global markets, as well as demand from the cleantech and green energy sectors
.
On 23 March 2020, the LME copper price hit $4,626.
5/mt, the lowest since September 2016, as the pandemic hit global industry and investor confidence
hard.
Since then, three-month copper in the LME has risen nearly 100 percent, hitting its highest level
since August 2011.
China's rapid recovery from the coronavirus pandemic has provided strong fundamental support
for copper market demand.
In July last year, time-of-use copper prices rebounded from multi-year lows back to pre-pandemic levels
.
The recovery from the pandemic in other major economies, coupled with further strengthening demand from China, pushed copper prices higher
in the bull market in Q3 and Q4 2020.
The successful development of the new crown vaccine has sustained the copper bull market into January and March
.
Chinese market participants went long after returning from the Spring Festival holiday on February 18, further boosting copper prices to break through the $9,000 mark
.
A weak dollar also benefited
copper prices.
The dollar fell to its lowest level since March 2018 at the end of 2020 and remained weak for the first two months of 2021
.
The dollar index, which measures the exchange rate of the dollar against a basket of currencies, has been fluctuating
between 89.
218-91.
593 since the beginning of December last year.
The weakness of the dollar has supported the dollar-priced copper, as it means it becomes cheaper
to buy in other currencies.
