Copper hits an all-time high; Gold reaches a 2-1/2-month high

According to the latest news, the copper increased to an all-time high as Chinese investors unleashed fresh demand following a holidays.

Copper for delivery in July increased by 1.71%, with futures at $4.6015 per pound ($10,123 a tonne) on the Comex market.

Moreover, the reopening of leading industrial economies is sparking a surge across commodities markets. Notably, tin surged above $30,000 a tonne for the first time since 2011 on Thursday.

Copper has surged 28.1% since the end of last year. Remarkably, it is up 114.9% from its 2020 low, reached in March of that year amid the global economic fallout as countries locked down their populations to contain the spread of coronavirus.

Commerzbank AG analyst Daniel Briesemann says the long-term prospects for metals prices are too good and point to higher prices in the next few years.

Daniel Briesemann reported that the decarbonization trends in many countries are expected to create additional demand for metals.

Goldman Sachs and Bank of America also anticipate copper to extend gains.

Bank of America announced that copper could spike to $13,000 a tonne in the following months, partially over low inventories.

On the supply side, Peru recorded a 19% increase in March copper output, potentially offering some relief to tight global supplies.

Gold prices boosted to a 2-1/2-month high

Gold prices surged to a two and a half month high on May 7 and were on track for their best week in six months, boosted by a weaker dollar and a pullback in Treasury yields.

Spot gold rose by 0.2% at $1,818.73 per ounce after reaching its highest since February 16 earlier in the session. Bullion surged almost 3% so far this week.

Elsewhere, palladium climbed 0.6% to $2,963.43 per ounce after reaching a lifetime high of $3,017.18 earlier this week.

Silver fell by 0.1% to $27.26 per ounce, though the metal soared more than 5% this week. Platinum declined 0.5% and traded at $1,246.79.