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LME copper rose by 1.5% to US$6551.25 per tonne, or $2.97 per pound, the highest price since December 2014.
Zinc’s modest $2/t rise meant it reached a new 10-year high.
Nickel was the biggest mover, surging by 3% through $11,000/t for the first time since March.
Nickel’s closing price of $11,263.50/t was the highest price since December.
“Rechargeable batteries for electric vehicles are shifting to use more and more nickel,” Norilsk Nickel head of global sales and marketing told Bloomberg late last week.
“A lot of people don’t fully grasp what this development means for refined nickel.”
The gold price rose to $1296.80 an ounce ahead of Donald Trump’s televised address to the US people on Afghanistan and South Asia at around lunchtime Australian time.
The Metal Bulletin iron ore spot price rose by another 2.6% to $79.93/t, its highest level since early April.
“The iron ore stocks at Chinese ports are coming down and that’s been a trend for about three or four weeks now,” Fortescue Metals Group CEO Nev Power told reporters yesterday.
“That’s a positive sign.”
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