Copper price rises on optimism over US recovery

Copper prices rose on Friday, tracking gains in the equities market buoyed by optimism over the global economic recovery on positive US labour data and its faster-than-anticipated covid-19 vaccination roll-out plans.

Copper for delivery in May was up 2.11% by midday, with futures touching $4.06 per pound ($8,932 a tonne) on the Comex market in New York.

Equities markets rose as the United States completed its 100 million covid-19 vaccine shots 42 days ahead of schedule and posted a drop in unemployment benefits claims.