The red metal rose to $7,360 per tonne in morning trading, surpassing a price last seen in January 2014, before easing back to $7,287 per tonne by 9:10am, a slight dip from its Tuesday closing price.
The Dow Jones industrial index recently broke the 30,000-point mark to hit an all-time high on hopes of a new financial stimulus package. This prompted gains across most commodities on Tuesday evening and Wednesday morning.
Three-month copper had some of the biggest gains on Tuesday evening, with its prices up by 1.66% to $7,293 per tonne at the 5pm close.
“It’s expected that Biden’s $2 trillion climate plan will see demand for copper, used in wiring and electronics, rise. This follows...