The price of copper increased by 5 per cent month-on-month in December, the largest monthly gain since September 2012.
That’s according to the latest figures from Mintec, which put the growth down to increased demand from China.
It said: “China accounts for around 40 per cent of global demand for refined copper making them the largest consumer. The Chinese economy is estimated to have grown by 7.6 per cent, with its industrial output growing by 9.8 per cent year-on-year in 2013.”
Mintec added copper inventories have been steadily declining for the past four months and have now dropped to their lowest levels since January 2013, prompting concerns of a deficit in supply.
Figures from the London Metal Exchange show that the average price of the metal in November 2013 was $7,084.33 per tonne, compared with $7,202.15 in December. The price today is $7,313.