Copper surpasses $10,000/T on global economic recovery hope

Copper prices rose past a key psychological level of $10,000 a tonne on Wednesday, buoyed by optimism about global economic recovery, but trading volume was tepid due to China market holidays.

Three-month copper on the London Metal Exchange rose as much as 0.6% to $10,030, its highest level since February 2011 when the contract hit its record high of $10,190 a tonne.

Aluminium advanced 0.5% to $2,441 a tonne at 0338 GMT, nickel increased 1.2% to $17,885 a tonne and tin climbed 1.9% to $29,535 a tonne.

The U.S. economy is growing at its fastest rate since the early 1980s while British manufacturing activity grew at the fastest pace in almost 27 years last month.

FUNDAMENTALS

* LME copper inventories MCUSTX-TOTAL fell to 137,400 tonnes, their lowest since March 26.

* U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden’s spending plans boost growth.
Source: Reuters (Reporting by Mai Nguyen; Editing by Rashmi Aich)