Mumbai, 26 April (CommoditiesControl): London copper prices soared to a two-year high, breaching the significant resistance level of $10,000 per metric ton on Friday. This surge was fueled by Shanghai prices reaching a record high, driven by substantial fund buying. The momentum in copper was further fueled by investor interest following BHP Group's takeover proposal to Anglo American, despite the latter rejecting the bid, citing undervaluation.
Three-month copper on the London Metal Exchange witnessed a robust 1.4% surge, reaching $10,006 per ton, peaking at $10,033.50, marking its highest since April 2022. Simultaneously, the most-traded June copper contract on the Shanghai Futures Exchange hit a record high of 81,180 yuan, closing 2.2% up at 81,100 yuan ($11,192.07).
While copper sees a weekly gain of 1.3%, other base metals witnessed mixed performances. LME aluminium rose but was on track for its worst week since January, zinc hit a one-year high, lead reached its highest level in five months, and nickel showed a notable increase. Conversely, tin faced a significant weekly decline, marking its largest since September.
The rise in copper prices reflects both supply speculation and growing investor confidence in the green energy sector, underpinned by BHP Group's bid for Anglo American. As global markets navigate through these dynamics, the trajectory of copper prices remains a focal point for traders and analysts alike.
(By Commoditiescontrol Bureau; +91-9820130172)
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