Copper’s 5pm closing price was $7,499.50 per tonne on Friday, rising by 1.3% day on day and up 4.48% from Monday’s closing price of $7,117.50 per tonne.
Earlier in the day it had risen past the $7,500 mark to reach $7,520 per tonne - just $4 away from the $7,524.50 high registered more than seven years ago on April 8 2013.
Market analysts have said that copper’s elevated price is unsustainable and that its rally has been driven by bullish speculative sentiment, decoupled from the metal’s fundamental data.
“Although we contend that calling for consolidation in such a bull market is a fool's game, we are not comfortable with being long at current price levels,” Fastmarkets analyst Boris Mikanikrezai said in a morning note. “Once all shorts capitulate, we are likely to see a large correction [and that] could...