The price of copper rose to a 26-month high on October 5th, as a result of rising demand for commodities as alternative assets.
Investors placing CFD spreads on commodities will have seen copper futures for December delivery rise by 1.7 per cent to close at $3.7265 on the New York Comex yesterday.
Earlier in the day, it had peaked at $3.745, the highest price commanded by the red metal since July 30th 2008, Bloomberg reports.
Demand for commodities as an alternative asset class is being driven primarily by a weakening dollar, which fell by one per cent against a basket of key currencies after the Bank of Japan cut interest rates and the US Federal Reserve said it is to buy more debt.
"The dollar is rolling again, and commodities are higher across the board," Matt Zeman, metals trader at LaSalle Futures Group in Chicago, told the news provider.
"As long as money printing continues, people are going to want to have physical assets in their hands."
At the start of this month, the value of copper surged following the publication of a report showing increased manufacturing activity in China.
