Copper price hits new high as covid cases sweep South America

Copper prices continued their momentum from the second half of 2020 as the second wave of coronavirus infections intensifies in South America, the world’s top copper-producing region.

Copper futures for March delivery advanced 0.3% to $3.652 per pound on the Comex, surpassing a near eight-year high set in December.

Copper prices have rallied over recent months as demand for the bellwether metal grows on the back of fiscal stimulus hopes and recovery in industrial activities, but rising covid-19 cases and lockdowns have also caused a supply crunch for the most traded metal commodity of 2020.