LONDON - Copper prices have jumped to their highest in more than two weeks as the dollar slipped and investors eyeing strong growth in Asia and bullish inventory data, piled into industrial metals.
Aluminium touched $US2,095 a tonne, the highest since February 4 and nickel hit a near six month high of $US19,875 a tonne.
Benchmark copper was trading at $US6,995 a tonne at 2326 AEDT compared with $US6,870 at the close on Monday. Earlier on Tuesday the metal used in power and construction hit $US7,039.50 a tonne, the highest since January 28.
The euro rose against the dollar, which makes commodities cheaper for holders of other currencies, recovering after recent losses as investors concluded that much of the bad news on Greece's fiscal deficit was priced in.
Demand growth for commodities has, for some years now, been led by emerging economies such as China, the world's largest consumer of industrial metals, which is expected to grow by more than 11 per cent in the first quarter.
"Greece is a concern, but it isn't going to derail the global economy and metals demand, which is driven by the emerging world," Robin Bhar, analyst at Credit Agricole Corporate & Investment Bank, said.
"Perhaps we are all getting too fixated with all these macro concerns, missing the micro detail ... like stocks."
