Copper and nickel hit multi-month and multi-week highs respectively on the London Metal Exchange on Wednesday January 6, spurred by factors such as export delays in Peru, positive sentiment about electric vehicles and a weak US dollar.
Three-month copper peaked at $8,169 per tonne, its highest since February 19, 2013, when it topped out at $8,153.50 per tonne."Copper is the star base metal going into 2021, not only supported by a favourable macro environment, but also by its underlying fundamentals, with demand set to continue to pick up pace as forecast global economic recovery ensues, but additionally from favourable green policy and China's Five Year plan [going into action this year], leaning towards the increased use of copper in electrification," StoneX senior metals analyst...