COPPER PRICES HIT A TWO-MONTH HIGH AS INVENTORIES AT THE LONDON METAL EXCHANGE DECLINED

Copper prices surged to a two-month high of 9,800 USD per ton on Thursday, driven by a sharp decline in inventories on the London Metal Exchange (LME). By Friday, prices had eased slightly to 9,739.50 USD per ton.

LME copper inventories have steadily declined since the beginning of the year, recently falling to their lowest level in two years. The drop was further accelerated by the withdrawal of over 11,000 tons of copper by manufacturers in South Korea and the Netherlands. This marks the 14th consecutive day of inventory reductions on the exchange.

Silver also continued its rally, climbing as much as 4.5 percent to a 13-year high. It is currently trading at 35.74 USD per ounce, with a year-to-date gain of approximately 19 percent. Analysts attribute the surge to growing investor interest in silver as an alternative to gold.

Meanwhile, investor flows into cash-backed exchange-traded funds remain strong. According to Bloomberg, holdings increased by 2.2 million ounces on Wednesday.

Resource: bloombergtv.mn