Copper price could spike to $13,000 on low stocks – BofA

Copper prices climbed back towards $10,000 per tonne on Tuesday, supported by prospects for higher demand while inventories dwindle.

Last Thursday, the copper price topped $10,000 a tonne for the first time since 2011, nearing the all-time high set that year.

Copper for delivery in July was down 0.3% by 12:57 pm (EDT) on Tuesday, with futures at $4.5230 per pound ($9,950 a tonne) on the Comex market in New York.
Click here for an interactive chart of copper prices

“It’s a tremendously positive story for copper at the moment and in the long term,” WisdomTree analyst Nitesh Shah told Reuters.