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Copper at seven-year high ahead of US stimulus deal

The copper price rose above US$8,000 per tonne during Friday as hopes rose regarding a US economic stimulus deal, which has just been reached.
Copper at seven-year high ahead of US stimulus deal Copper at seven-year high ahead of US stimulus deal Copper at seven-year high ahead of US stimulus deal Copper at seven-year high ahead of US stimulus deal Copper at seven-year high ahead of US stimulus deal

US senate majority leader Mitch McConnell has just confirmed an economic stimulus package

Staff reporter

Copper for three-month delivery reached a fresh high of $8,028/t intraday - a level not seen since 2013 when it peaked at $8,346 in February, Marex Spectron's Alastair Munro said.

The US congress reached an agreement on a stimulus package, at the time of writing.

"We will pass another rescue package ASAP," US senate majority leader Mitch McConnell tweeted minutes ago, referring to what is expected to be a $900 billion relief package.

"More help is on the way."

The gold price was at $1,881 an ounce on the spot market.

Market futures were lower around the globe after key markets closed down on Friday.

Among the mining majors, Rio Tinto finished the week up 0.87% in London.

Barrick Gold lost almost 1% in Toronto, while Harmony Gold Mining (JSE: HAR) gained 1.96% in South Africa.

Finally in New York, Freeport-McMoRan softened 0.36%.