Copper prices have risen all week, buoyed by surging investor confidence amidst ongoing concerns over tight supply conditions for the metal. The London Metal Exchange (LME) saw copper prices climb as much as 4.4 per cent this week from Monday’s level.
‘This is the second secular bull market that we’ve seen in copper this century, and it’s just starting now,” said Max Layton, global head of commodities research at Citi. “Investors have been holding off [but] they just can’t afford to hold off anymore. A very large number of [them] have a small to moderate copper position now that they didn’t have six to eight weeks ago.”