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Copper prices hit 2-year high

May, 14 2024
watermark Economic news

Global copper prices have peaked in two years, rising by about 28% in the last two months.


Following the results of trading on Comex on Monday, July metal futures rose by 2.2%, reaching $4,766 per pound. This is the highest level since April 18, 2022, according to Dow Jones Market Data. The historical record is $4,9375 per pound – it was set on March 4, 2022.


Analysts note that the recent rise in copper prices reflects optimism about the resumption of growth in the global economy, led by the United States, and is supported by the hope that China's economy has bottomed out and will begin to recover.


In addition, the metal is in demand among those who want to profit from sustained inflationary pressures.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.