Copper prices hit multi-month highs driven by U.S. tariff expectations and improving Chinese demand. The market sentiment was boosted by geopolitical developments, while zinc and other metals also experienced gains.
On Wednesday, copper prices reached multi-month highs as markets reacted to anticipated U.S. tariffs and signs of increasing demand from China, alongside a potential ceasefire in Ukraine. Three-month copper on the London Metal Exchange (LME) increased by 1.1% to $9,769 per ton, the highest level since November 5. Concurrently, U.S. Comex copper futures rose by 1.9% to $4.86 per pound, marking their peak since May 29 of the previous year.
In summary, copper prices have surged due to potential U.S. tariffs and revitalized demand from China. The recent geopolitical developments related to Ukraine and U.S.-Canada relations further contributed to this sentiment. The overall market remains optimistic, alongside positive indicators for copper demand in various sectors.
Original Source: www.tradingview.com
