Copper prices hit more than one-month high on strong demand

Highlights

  • Copper prices reached more than a month high level on Monday.
  • The prices surged on the back of strong demand and tight supplies.
  • Chinese imports of unwrought copper tumbled by 7% in August.

Copper prices surged to more than one-month high level on Monday on the back of strong demand and tight supplies of base metals creating an inflationary storm. December delivery copper futures on COMEX traded at SU$4.43 per pound, down 0.1% as of Monday at 10:56 AM AEST.

A significant surge in the prices of shipping and power costs is fueling the prices of base metals. Additionally, major copper smelters in China have lifted August refined cathode output in China by 2.7% relative to the previous month. Chinese trade data released earlier in the week showed that the imports of unwrought copper tumbled by 7% in August at 394,017 tonnes relative to July.

Bottom Line

Copper prices hit more than one-month high level on the back of tight supplies and strong demand.

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