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Sogosohubidu201on Feb 22, 2019 9:13pm
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Copper price surges as stocks hit 12-year lows
Copper price surges as stocks hit 12-year lowshttps://www.mining.com/copper-price-surges-stocks-hit-12-year-lows/
The price of copper surged nearly 3% on Friday after stocks held in global warehouses operated by the LME fell to the lowest since 2005.
Copper for delivery in March hit $2.9535 per pound ($6,510 a tonne) by midday on the Comex market, the highest level since the start of July last year. The price spiked in heavy volumes with nearly 1.5m tonnes worth $9.5 billion traded by lunchtime in New York.
Global supply is expected to continue to be impacted by ageing assets, declining ore grades, limited sector reinvestment, the diminished project pipeline and some threat of mine disruption
London Metal Exchange copper inventories were slashed in half from the previous day to just under 40,000 tonnes, the lowest since August 2005, according to Reuters calculations. Global stocks of the bellwether metal are now nearly 395,000 tonnes below the same point last year.