Copper hits new 10.5-month high

[] — Copper prices rose to a new 10 and a half month high on Friday as hopes for an economic recovery held sway and overshadowed concerns prices had gone up too high too soon.

“There’s no fundamental reason why metals should be at these levels but this seems to be the direction at the moment. It’s herd mentality,” said a trader.

“In theory we should have a setback but that hasn’t happened yet. There is increasing risk it’s going to happen but it’s like last year, prices rose for 6 months without being backed by fundamentals,” he added.