The copper reached a maximum of 16 months on Friday and closed its best week in almost six months, since the limitations of the offer and a weaker dollar promoted prices.
The three -month copper in the London Metal Stock Exchange rose 2.2%, to $ 10,719 a ton, on the way to a weekly gain of 5.3%, in which it has been a better week since September 2024.
The metal, which is used in energy and construction, had previously touched the 10,765 dollars, the highest level since May 2024, when it reached a historical maximum of 11,104.50 dollars.
“Attention focuses on the offer: the risk for the offer and the possible delay in its recovery. That is helping to give the impulse,” said Ole Hansen, head of the raw material strategy of saxo Bank.
The market “has not looked back” since it exceeded the resistance of $ 10,160 the ton last week, Hansen added.
Copper stocks in the LME warehouse system have sunk up to just over 140,000 tons, the lowest level since the beginning of August.
In the United States, copper prices in Comex rose 3.22% to 5.11 dollars per pound, crossing the barrier of 5 dollars per pound for the first time since the end of July.
The dollar, which was aimed at its worst week since July, also supported prices. A weaker dollar makes metals more affordable for holders of other currencies.
For its part, the tin continued its recent promotion and rose to 2.2% to $ 37,695 a ton, the highest level since April 2.
