Copper prices surgeBy BUUMBA CHIMBULUCOPPER prices have remained elevated amid speculation that a wave of demand from new energy sector will leave buyers short.The elevation has remained after prices for the red metal soared to all-time highs in May this year.Copper’s surge to record levels this year is spurring buyers in a key consumer market to mull cheaper alternatives, in an early sign of how high prices might destroy demand, according to Absa Bank Zambia.London Metal Exchange (LME) copper increased 1.2 percent to US$9,499 a tonne.Copper soared to all-time highs in May and remains elevated amid speculation that a wave of demand from new energy sectors will leave buyers short and push prices much higher in coming years.And Zanaco bank indicated that LME copper increased 0.9 percent to US$9,469.50 a tonne while LME tin advanced 0.6 percent to US$33,500 a tonne.“China’s major copper smelters lifted August refined cathode output by 2.7 percent from the prior […]
Copper prices surge
