Lima, April 20, 2021.- Copper prices rose on Monday (Monday, April 19) before the rise of world stock markets, the decline in U.S. bond yields and a lower dollar, with an expected rise in the metal's values to 10-year highs.
Around 1120 GMT, three-month copper on the London Metal Exchange (LME) was gaining 2.1% to US$9,399.50 a tonne, after reaching US$9,436, its highest level since Feb. 25.
World stocks were trading near all-time highs and investors were generally optimistic about the prospects for a COVID-19 global economic recovery.
Copper prices were supported by a fall in U.S. bond yields and a weakening dollar, which made commodities cheaper for holders of other currencies.
The economic recovery, boiling markets, tight supply and a strong demand outlook should support copper, ING analysts said.
Speculators trimmed their bullish copper positions on the New York Comex exchange in the week to April 13, giving them greater scope to add to them again, which would help lift prices.
On the LME, speculators are already extending their long position from the lows of earlier this month, according to Marex Spectron.