TechFlow news: On January 29, according to JINSHI Data, copper prices hit a record high of over $14,000 per metric ton on Thursday, as speculators—buoyed by expectations of robust demand and supported by a weakening U.S. dollar and geopolitical concerns—expanded their buying positions. They disregarded warnings from some analysts that such elevated prices could dampen physical demand from industrial consumers and that current supply-demand fundamentals do not justify this price level. The London Metal Exchange’s benchmark three-month copper contract surged 7.9% at one point during Asian trading hours, reaching a historic high of $14,125 per metric ton. Neil Welsh, analyst at Britannia Global Markets, stated in a report: “Copper prices posted their largest single-day gain in years, driven by aggressive speculative long positioning. Investors are flocking to base metals amid expectations of stronger U.S. economic growth and increased global spending on data centers, robotics, and power infrastructure.” A softer U.S. dollar index also lent support to metal prices. With the dollar index nearing multi-year lows, dollar-denominated commodities have become cheaper for buyers using other currencies.
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