The price of copper has risen on Monday to over $ 9000 per tonne, reaching its highest level since 2011. The buyer price rises due to optimism about the economic recovery from the COVID-19 crisis. Copper is used, among other things, in the construction, the telecom sector and in automotive industry.
The price of a ton of copper reached a level of $ 9187 on Monday in the commodity market in Singapore. The price of the metal has been rising for months in a row with the expectation that demand will rise as the global economy is recovering from the coronavirus pandemic, including China. There may be shortages. The demand for copper is often seen as a barometer for economic development due to the wide applications of the metal.
Prices of other raw materials such as nickel and tin are also increasing due to the expectation that demand will grow. These metals, like copper, are used for example in electronics and in the production of electric cars.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.
