Business Standard

Copper zooms near 7-year high on Covid vaccine hopes, fund buying

Three-month copper on the London Metal Exchange was up 0.9 per cent to $7,368 a tonne at 6:00 pm (IST), after hitting $7,410 a tonne, its highest since January 2, 2014

Copper producers face uneven playing field
Premium

The metal, widely used in power and construction industries, has rallied 77 per cent since its March lows

Reuters London
Copper rallied to its highest in nearly seven years on Thursday on hopes that a vaccine for the coronavirus would galvanise global markets and boost demand for the industrial metal.

Three-month copper on the London Metal Exchange was up 0.9 per cent to $7,368 a tonne at 6:00 pm (IST), after hitting $7,410 a tonne, its highest since January 2, 2014.

The metal, widely used in power and construction industries, has rallied 77 per cent since its March lows.

"Copper's rise is generally macro driven because of the vaccine and risk sentiment remains upbeat .... We are seeing synchronised gains across all metals,"

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 27 2020 | 2:14 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com