Copper Prices Soar to Seven-Week High on Easing Demand Fears

Copper prices surged to their highest in over a week on Monday, as dwindling inventories and easing demand fears propelled the metal upwards.

The benchmark copper price on the London Metal Exchange rose by 0.6% to $13,876 a metric ton, touching $13,900 a ton for its highest since July 22.

The drop in oil prices after US President Donald Trump called off a fresh attack on Iran has alleviated anxiety about economic growth and demand, boosting sentiment in the market.

Copper stocks in LME-registered warehouses have fallen nearly 40% since the end of May to their lowest since February at 244,025 tons.