- Write by:
-
Tuesday, April 9, 2024 - 23:04:16
-
82 Visit
-
Print
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on the market.
Prices have climbed more than 15% the past two months after mine disruptions threatened refined-copper production at Chinese smelters, which account for more than half the world’s supply. At the same time, investors are betting on stronger consumption there as manufacturing picks up.
Used in power cables, wind turbines, electric vehicles and solar panels, copper is a key material for the energy transition.
“Copper’s second secular bull market this century is being driven by booming decarbonization-related demand growth,” Citigroup Inc. analysts wrote in a note. “Only higher prices will solve these deficits.”
Used in power cables, wind turbines, electric vehicles and solar panels, copper is a key material for the energy transition.
“Copper’s second secular bull market this century is being driven by booming decarbonization-related demand growth,” Citigroup Inc. analysts wrote in a note. “Only higher prices will solve these deficits.”
The metal traded little changed Tuesday at $9,419.50 a ton on the London Metal Exchange at 4:19 p.m. local time.
China’s factory activity beat expectations in March, the latest sign of an economic recovery in the world’s largest copper user. Data showing increased spending also suggests domestic consumption is gathering pace.
During the bull market of the 2000s, copper rose more than fivefold in three years, driven by urbanization and industrialization in China. Citigroup said there’s potential for “explosive price upside” again in the next three years.
There’s been a series of production setbacks at mines around the world, which has compounded concerns around a lack of fresh supply. The dearth of new projects is “finally starting to bite,” Bank of America Corp. strategists said. The bank expects copper to average $12,000 a ton by 2026.
Other base metals rose Tuesday, with zinc adding as much as 2.4% as Chinese smelters become the latest casualty of overcapacity in the country’s metals markets.
Short Link:
https://www.miningnews.ir/En/News/628242
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
No comments have been posted yet ...