April 29 2021 The London Metal Exchange on April 29 three-month copper rose to a three-month high, breaking through $10,000 a tonne for the first time in a decade.
On the day, three-month copper finally closed at $9,861 a tonne, up $4.50, or 0.05 per cent, from the previous session. Ol Hansen, commodities strategist at Denmark’s Saxo Bank, said factors such as the technical overbought state could weaken future gains.
Andy Farida, metals analyst at Express Markets, said the dollar index and 10-year Treasury yields were lower after Fed Chairman Colin Powell’s “dove” press conference.
“We expect risk asset and commodity prices to perform well in the coming weeks, which will provide additional support for base metals prices on the London Metal Exchange,” he said. ”
