'Is the Manufacturing Sector Entering a Recovery Phase?'... Copper Prices Reach Highest in 7 Years

London Metal Exchange Copper Futures at $7,360 per Ton... Highest Since 2014
Positive Factors Include Vaccine, US Election, and China Inventory Shortage

[Asia Economy Reporter Naju-seok] Copper prices have risen to the highest level in 7 years. This is the result of the resolution of instability factors following the U.S. presidential election and overlapping demand from China due to the development of a novel coronavirus (COVID-19) vaccine.

On the 25th (local time), copper futures prices traded on the London Metal Exchange (LME) rose 0.9% from the previous day to $7,360 per ton. This is the highest level since January 2014.

Copper prices reflected expectations that COVID-19 could be controlled early due to vaccine development, along with low copper inventories in China, the world's largest copper consumer. Additionally, expectations that the Joe Biden administration would actively address climate change, increasing demand related to copper, also contributed to the rise in copper prices.

On the Shanghai Futures Exchange, January copper futures prices reached $8,372 per ton, the highest in 2 years and 9 months.

Copper inventories at the Shanghai Futures Exchange are reported to be the lowest since December 2014, with 96,766 tons in stock.

This content was produced with the assistance of AI translation services.