LME Copper Price Heading Back Towards Pre-Pandemic Levels

The London Metal Exchange copper contract has been closing in on prices not seen since pre-pandemic trade, as participants continued to take cues from the wider market, alongside decent fundamentals, with Chinese equity markets putting in the best daily performance in five-years. The bulls have been firmly in control of copper trade in recent weeks, with the price graph showing a very solid V-shaped recovery, at the same time as global economies offer no such optimism.

Copper, often cited as a bellwether for the world’s fiscal position, could be well off the mark though, oscillating in its own universe. A lot of the bullishness comes from a variety of global fiscal packages aimed at shoring up countries hammered by the coronavirus pandemic…

View entirety: S&P Global Platts