The London Metal Exchange copper price closed above the $8,000 per tonne mark for the first time in nearly two weeks on Monday February 8, with the majority of the other base metals prices also increasing on account of a falling dollar index.
Copper's price closed at $8,037 per tonne on Monday, a 1.6% rise from its price on Friday at 5pm of $7,912.50 per tonne and its first time closing above $8,000 per tonne since January 26. The red metal has also gained 3% from its closing price a week ago on February 1 of $7,798.50 per tonne, with dip-buying supporting copper's futures price. "Unless the macro deteriorates meaningfully (we don't think so in the short term), copper should continue to enjoy positive financial flows as investors build reflation trades and a surge in physical demand from China after the Lunar New Year holidays," Fastmarkets analyst Boris Mikanikrezai said in a morning note. Copper's cash/three-month spread remained in...