Following news of the recovery of the Chinese economy following the crisis caused by the covid-19 pandemic, copper prices operated strongly and peaked in more than two years.
As reported by La Tercera, the spot quote of the metal ended the day with 2.7% advance, ranking at US$3,2264 a pound on the London Metal Exchange.
With this, copper recorded its highest level since June 15, 2018 and experienced its most significant daily rise since July 13, 2020.
In this regard, Swiss bank analyst Julius Baer, Carsten Menke, said that “China’s economy has returned to the path of growth. Data released this morning for October showed continued strength with overall investments growing at the fastest rate in about four years.”
On the other hand, three-month futures won 2.06% at US$3,2435 a pound.
The news was also celebrated by the Government of Chile, considering that copper is the country’s main export. In that sense, Mining Minister Baldo Prokurica said: “China is the world’s largest copper consumer and makes us face the best prices of the last two and a half years. This has a very important impact for Chile, not only on tax collection, but especially on attracting new project investments that with these prices of course start to float and start generating resources for investors.”
The minister also posted on his Twitter account that “the price of the pound of copper at US$3.22, the highest since June 15, 2018, has a very important impact on Chile, not only on tax collection, but especially on attracting new project investments, which generate jobs.”
