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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 trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.