Copper surged to a new record on Wednesday on hopes of a U.S.-China deal, with three-month futures on London markets exceeding $11,140 per ton. The 25% year-to-date rally so far has been the best performance for the metal since 2017.
“Copper prices are being supported by a pick-up in risk appetite on optimism about a potential trade deal between the U.S. and China,” Craig Lang, CRU Group’s principal analyst, said per Bloomberg. “The metal has also been supported by the concerns about physical tightness in markets outside of the U.S.,” he added.
