Copper Hits Seven-Year High as Demand Hopes Build
- Metal as gained 70% from its March lows amid the pandemic
- SHFE copper inventories contract to smallest since late 2014
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Copper rallied for a fourth day to reach a seven-year high, adding to this week’s powerful surge across base metals on hopes for a post-pandemic demand boom.
The metal, which is used in everything from household wiring to electric vehicles, is gaining on optimism that the worst of the global economy’s coronavirus disruptions are over. The more bullish mood on demand coincides with falling global inventories that could leave the market short of supply heading into 2021.