The price of copper in the British capital, London, reached today, Wednesday, its highest level in more than two years, supported by the weakness of the US dollar and upward expectations for demand, while prices on the Chicago Mercantile Exchange recorded a record high level.

Copper for three-month delivery on the London Metal Exchange rose 2.1% to $10,320 per metric ton by 10:01 GMT, after reaching $10,401.25, its highest level since April 2022.

Copper used in energy and construction is up 21% so far this year, $525 away from the record high of $10,845 set in 2022; Due to limited supplies of raw materials this year, bets are that the metal will benefit from additional demand from green energy sectors.

“Copper prices are supported by a weak dollar, positive investor sentiment, and supply-side cuts,” said Sudakshina Unnikrishnan, an analyst at Standard Chartered Bank. “However, Chinese demand signals remain mixed.”

Meanwhile, the CME May contract jumped 4.5% to a record high of $5.178 per pound. Copper producers and traders are shipping more metal to the United States to take advantage of higher CME futures prices compared to the London Metal Exchange.

The price of aluminum on the London Metal Exchange jumped 1.5% to $2,589.50 per ton, zinc rose 0.6% to $3,020, lead rose 1.4% to $2,290, tin rose 3.3% to $34,265, and nickel rose 1.3% to $19,320. .