Copper cleanly broke above its prior high last Friday, closing at $10,417/mt to comfortably beat the prior intraday high of $10,170/mt set ten years ago. Strong import numbers from China continue to look strong last month and could likely continue to push prices higher, according to strategists at OCBC Bank.
Copper set a new high
“Copper set a new record high some twelve months earlier than our estimate and in our opinion, is likely to continue its rally from here.”
“Among the three commodity imports into China that we keep a closest eye on – copper, iron ore and crude oil – copper has so far outperformed the rest, even in April’s numbers.”
“We see copper eventually topping at $12,000/mt in the next twelve months, as the green revolution gathers pace.”
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