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Copper at nine-year high

Market futures were mixed but copper reached a fresh nine-year high on Friday as US treasury secretary Janet Yellen called for more economic stimulus and China returned from Lunar New Year celebrations.
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Copper from Antofagasta’s Zaldivar operations in Chile

Staff reporter

Copper closed up 4.36% to US$8,946.75 per tonne on the London Metal Exchange.

Inventories of copper in warehouses registered with the LME are near 2005 lows at 75,700t, Reuters reported.

Copper majors made strong gains and reached one-year highs on Friday.

Freeport-McMoRan jumped 9.81% in New York to close at $37.49, having reached a 52-week peak intraday of $37.68.

Chile-focused producer Antofagasta gained 7.17% in London to close at 1,838p after reaching a 12-month top of 1,849p earlier.

Emerging miner Nevada Copper was up 17.5% in Toronto, despite announcing a "series of unplanned stoppages" which would see steady state production deferred from mid-year to the third quarter.

Diversified miners Glencore and Anglo American also rose about 4%.

The gold price was flat, around $1,785 an ounce on the spot market.

Finally, lithium producer Livent (NYSE: LTHM) closed 1.47% lower in New York, despite announcing a multi-year supply agreement with the BMW Group, as it revealed a fourth-quarter loss.