RS: Copper hits new 9-month high on brighter outlook
THE price of copper vaulted to a fresh nine-month high on improved sentiment towards the global economy and longer-term demand prospects.
On the London Metal Exchange, copper for delivery in three months closed up $US90 at $US5400 a tonne. Earlier, the metal, used in power and construction, hit a session high of $US5469, its highest since mid-October.
Copper for September delivery on the New York Mercantile Exchange’s COMEX division climbed to $US2.4945, a new high dating back to October 14, but it ended down US1.80c at $US2.4510 a pound as investors booked profits from the session peak.
“Copper has been one of the better-placed metals because it’s a uniquely versatile metal used in a whole variety of products,” said Calyon metals analyst Robin Bhar.
“Therefore, it’s able to weather the downturn.
“Supply/demand is balanced. That is making copper stand out alone in being fundamentally much stronger than other metals.
