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Price of copper reaches highest level since 2011

Credit: Belga

The price of copper exceeded $9,000 (more than €7,436) per tonne on Monday, its highest level since 2011, buoyed by optimism about the post-pandemic economic recovery.

The metal is widely used in construction, the telecom sector and industry.

The price of copper reached $9,187 (€7,589) per tonne on Monday on the Singapore Commodity Exchange.

The copper market has been tense for some time now, as many copper mines have cut back production due to the crisis linked to the coronavirus pandemic. At the same time, demand from China, which is hungry for raw materials, remains high.

In the meantime, hopes of economic recovery after the coronavirus vaccinations are also driving up copper prices, as is the weakness of the dollar.

Copper is considered a cyclical barometer because of its wide use in industry.

The Brussels Times