LONDON, Apr.25 (AFP) – The price of copper leapt to the highest-ever level here on Tuesday, spurred by massive investment and speculative demand. Three-month copper prices on the London Metal Exchange touched 7,040.00 dollars per tonne — the highest point since copper was first listed in its current format in 1870.
The price of copper, used for electrical wiring and plumbing, has leapt by a collossal 55.0 percent since the start of 2006.
That compared with a gain of 50.0 percent during the whole of 2005.
Keen demand from economic powerhouse China has underscored strong gains across much of the metals complex so far this year.
Metals such as copper have also been supported by weak global stockpiles and limited production. With a rosy outlook for future price gains, speculators have ploughed into the market in search of potential profits, according to analysts.