Copper on the London metal Exchange closed ahead of the Christmas Holiday cashing at $7793.00 per ton on the London Metal Exchange (LME).
Copper’s Historical Price Graph shows the highest for the month of December priced at US$7964 per ton on the 18th with only 36 Cents remaining to the US$8000 mark.
Data on LME is shows the reddish colored Brown metal mostly used in electrical wires opened the year trading at US$6,165 per ton as at 2nd January 2020.
Comparing with the Current trading price on the LME, Zambia’s major export earner has increased by US$1,799.
With only a week to close the year, it is hoped that the commodity may touch the anticipated price mark by Analysts.
Demand for Copper has largely been driven by demand from the Chinese Manufacturing boom after some boarder measures where restricted in most economies on Covid-19 Guidelines.
According to the World Bank, Metal prices are expected to post modest increases in 2021 after falling in 2020, supported by the ongoing recovery in the global economy and continued stimulus from China.
The Bank says a prolonged period of weak global growth would lead to lower prices than forecast.