Keeping above the nearby $6,200 per tonne support level, the three-month copper price reached an intraday high of $6,266 per tonne this morning, its highest price since October 2018.
Open interest in the red metal also remains high on the exchange, with more than 38,000 futures positions in place. The 2018-high was more than 45,000 positions in July of last year.
“Copper climbed by 1% to a two-month high of $6,240 per tonne yesterday. Clearly the good sentiment among market participants, as reflected in rising stock markets, also led to copper buying,” Commerzbank Research said in a morning note.
“All the same, the price is likely to have been driven up by speculation to a considerable extent. According to the LME’s statistics, speculative market participants already expanded their bets on rising copper prices significantly...