Post by
dsdsemma on Mar 13, 2024 3:21pm
$0.34, nice jump
Don't know why but here tradingeconomics explanation of copper price increase:
"
Copper futures surged to over $4.0 per pound, reaching the highest in more than seven months after top Chinese copper smelters agreed to reduce production at unprofitable facilities due to raw material shortages. The decision came as copper concentrate prices plummeted to a decade-low, impacting smelters' profitability. Although no specific production limits were established, each smelter will evaluate operations and make adjustments as needed. Additionally, the meeting addressed potential alternative strategies such as increasing the use of copper blister to decrease reliance on copper ore concentrate in manufacturing processes."