Copper price hits 8-year high on stimulus hopes, supply fears

Benchmark copper on the London Metal Exchange (LME) was up 0.5% at US$8,039.50 a tonne at 1731 GMT, taking gains in January to around 3.5% after a 26% price rise in 2020.

LONDON: Copper prices reached their highest since February 2013 on Wednesday as Democrats who want increased economic stimulus edged closer to control of the U.S. Senate and a blockade threatened to halt operations at a major mine in Peru.

Benchmark copper on the London Metal Exchange (LME) was up 0.5% at US$8,039.50 a tonne at 1731 GMT, taking gains in January to around 3.5% after a 26% price rise in 2020.