Copper prices crossed the key $8,000 a tonne barrier yesterday, leading other metals to their highest levels in 20 months amid signs that demand, already strong in China and the rest of Asia, is improving now in the US, Europe and Japan.
Mining executives and some analysts and traders say the surge in copper and other metals reflects re-stocking in developed countries, after companies ran down their inventories to critically low levels last year during the crisis.
“We believe that the world ex-China has already started on a dramatic restocking programme,” said Julien Garran, a commodities analyst at UBS in London. He estimates the re-stocking could add 25-50 per cent extra demand until July.
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