Copper surged nearly 7% to reach a new all-time high, just one step away from $13,000!

Notice that, after two days of closure at the London Metal Exchange, copper prices reopened with a bullish momentum, soaring nearly 7% to a historic high. Following a rise in the early sessions of the Shanghai and New York markets, copper prices surged by as much as 6.6% at the opening on Monday, reaching $12,960 per ton. By 10 am Singapore time, futures prices were reported at $12,805.50 per ton. Investors have been heavily increasing their holdings in copper in December, anticipating a large amount of metal flowing into the US market, which could lead to supply shortages in other regions around the world next year. The weakening dollar has also played a role in pushing prices higher, as copper prices are on track for their largest annual increase since 2009. Other metals in the London market also saw a general rise on Monday, with aluminum prices increasing by 0.6% and zinc prices climbing by 0.9%.