Copper prices rose above $9000 a metric ton on Monday for the first time in nine years, as the recovery process from the pandemic has accelerated. Copper prices rose 3 percent and the price of nickel stood at $ 20,000 a metric ton, reports Bloomberg. The short-term supply of this usable metal is not enough to meet the post-pandemic demand which has been fueled by the global post-pandemic recovery.
Earlier this month, there was some volatility in the copper market due to declining demand from the Chinese market and ambiguity over US incentives.
According to The Goldman Sachs Group, Copper prices have risen in China as factory activity picks up over the weekend. There is a risk of more deficits in the coming months. The price of a ton of copper reached a level of $ 9187 on Monday in the commodity market in Singapore.