Price of copper commodity increased by 58.5 USD and has reached 3390 USD at the London metal exchange (LME) compared to the trade of the previous day. The traders attribute the sharp increase at the LME to the recent trends of bulk buying copper. Unfortunately, this has led to an increase in the price of copper, making it difficult for traders to sign any contracts during the peak time. Price of developing copper commodity is predicted to rise to about 100 USD or 24% which will bring the total to 637 USD in February. One of the largest producers of copper “Tongling Nonferrous Metals Group” of China is planning to cut production due to increased cost.
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