The London Metal Exchange three-month aluminium, copper and nickel prices extended their rallies on Tuesday December 1, setting new year-to-date highs in the final month of 2020 with a low dollar index continuing to provide tailwinds to the prices.
Copper's three-month price rose for a sixth straight day on Tuesday at 5pm, up by 1.5% to $7,694.50 per tonne from Monday's closing price of $7,580 per tonne.
During trading, the red metal's price reached $7,743 per tonne, surpassing the intraday high of $7,708 per tonne on Monday, which was the highest intraday price since March 25, 2013.
The LME complex continues to be supported by a falling dollar index, which was at 91.37 at 5pm, down 0.3% from 91.68 on Monday at a similar time.
Another supportive factor of high prices today was the release of manufacturing purchasing managers' index figures from East Asia -...