Overseas Copper Price is in Volatile Swings

The copper ingot price is in volatile swings at overseas markets. The copper settlement price at London Metal Exchange (LME) recorded US$ 4,692 per tonne, the highest price since the LME transaction shifted from pound-based to dollar-based, on January 4. It plunged to US$ 4,550 on 6th and rebounded sharply to US$ 4,689 on Monday. The price keeps the strong tone supported by the soar of zinc and gold prices, although copper stocks are increasing at LME.The strong zinc price pulled up other nonferrous metal prices at LME on Monday. The LME zinc settlement price soared by US$ 50 per tonne from Friday to US$ 1,980 with the factor that Grupo Mexico’s zinc smelter stopped the operation in Mexico. The soaring gold price also supports the copper price. The gold futures price of February increased by US$ 9.3 from Friday to US$ 550.5 on Monday at New York Mercantile Exchange, exceeding the highest price marked on December 12, 2004. The price maintains strong at the level as high as 25 years ago.