Copper prices rebound amid less fear of the omicron variant

The copper prices They rebounded on Wednesday as fears lessened that the omicron variant of the coronavirus would weaken demand for industrial metals.

At 11:25 GMT, three-month copper on the London Metal Exchange (LME) was up 1% to $ 9,535 a tonne after losing 0.6% in November.

A green transformation to electric vehicles and wind turbines, in addition to new infrastructure projects, will require more copper even if a spreading pandemic leads to tighter restrictions, according to Ole Hansen of Saxo Bank.

“Those projects are not going to disappear even if we see a drop in growth again or a period of less mobility.”, Said the strategist.

“On top of that, inventory levels are still very low”He added.

Metals also benefited from a greater appetite for risk on the part of investors.

The Chilean Senate on Tuesday advanced in the discussion of a controversial bill to extend royalties to mining companies that operate in the world’s largest copper producer, promoted by opposition deputies.

With information from Reuters.