London copper surged Monday to cross the $ 9,000 per tonne level for the first time since September 2011, prolonging a rally driven primarily by the expectation of demand pick-up after the Chinese New Year.
London Metal Exchange three-month copper climbed 3.1% to $ 9,187 per tonne, the highest since September 2011, also helped by a weaker dollar. Last week, he posted his third consecutive weekly gain.
The contract is now 10% below the all-time high of $ 10,190 per tonne reached in February 2011.
The most-traded April copper contract on the Shanghai Futures Exchange rose 6% to 67,370 yuan ($ 10,433.64) per tonne, its highest level since August 2011.
The dollar fell to a three-year low on higher risk sentiment, making LME metals quoted in greenbacks cheaper for holders of other currencies.
Meanwhile, demand for copper is expected to increase as China’s primary consumer returns from a long vacation and hopes for a stronger global economic recovery due to the rollout of the COVID-19 vaccine and new stimulus measures.