Copper price rallies toward nine-year high on increased demand

Copper prices rose on Monday on increased demand and as the US dollar fell.

Copper for delivery in May was up 1.98% in afternoon trade, with futures at $4.2505 per pound ($9,3511 a tonne) on the Comex market in New York, nearing February’s peak of $9,617, the highest since 2011.

“That February high will be tested sooner or later,” Saxo Bank analyst Ole Hansen told Reuters.