internettexasholdem| LME copper futures hit a new high: speculative funds poured in and pushed above US$11000, and copper prices continued to rise

News summary

Newsletter text

Record high: LME copper futures prices exceed US$11,000

Copper futures prices on the London Metal Exchange (LME) surged to record highs on Monday, breaking throughinternettexasholdemThe price was US$11000 per ton. This jump was mainly due to the influx of speculative funds into the market and the purchase of copper in large quantities.

Technical buying and short covering further exacerbated the rally. Market analysts believe that Monday's market sentiment is closely related to short covering and pursuit behavior. Copper futures trading on the New York Mercantile Exchange (COMEX) showed a similar trend.

Still, the market finally showed some signs of calmness. Analysts at ING pointed out that despite the uncertainty of short-term market fundamentals, the long-term outlook for the copper market remains optimistic. This is mainly due to the increase in cyclical consumption, the rapid growth of the electric vehicle industry, and the demand for emerging applications such as artificial intelligence and data centers.