The red metal’s three-month price peaked at $10,253 per tonne on Friday morning, surpassing its previous high of $10,190 per tonne set in February 2011.
This was a rise of 1.6% from Thursday’s closing price of $10,092 per tonne, but the price eased to $10,225.50 per tonne at 9am.
“In Chile, the lower house approved a progressive tax rate on copper sales, potentially deterring mine investments in the world’s largest copper exporter,” LME desk analyst at Marex Spectron Anna Stablum noted.
“The bill will now be sent to the senate. There are few new copper projects ready,...