The red metal closed at 5pm on Thursday at $7,402.50 per tonne, the highest since January 2, 2014, when it hit $7,460 per tonne. It was seen at $7,412 per tonne during the day.
The high point for copper was the result of a 2.8% rise from Wednesday’s closing price of $7,300 per tonne. Just over 15,000 lots of the metal had been traded by Thursday evening.
Despite the bullish momentum, analysts said that copper’s price upswing was bound to turn downward in the near term.
“We maintain our view that copper is unlikely to move in a straight uptrend line from here. In fact, we think that some weakness may emerge sooner rather than later,” Fastmarkets...