Excerpt from recent Trading Economics post By no means is this post an attempt to pump this "chokehold" share price. Saw this post on ceo.ca from GEODAN and wanted to post it here for the handful of retail longholders and the naysayers lol. Thanks @ GEODAN <3
Blake
https://tradingeconomics.com/commodity/copper
Copper futures surged to the $4.6 per pound mark, breaking the psychological threshold of $10,000 per tonne for the first time in two years amid growing concerns of tight supply and bullish long-term demand bets. Persistent issues in copper ore mining threatened supply for smelters and treatment plants, most recently underscored by the shutdown of Cobre Panama, the world’s largest open-pit copper mine, in addition to suspended activity in Zambia due to power shortages and hampered output in South America due to political protests. Consequently, the lower margins for major smelters in China, the world’s top producer, drove industry groups to plan for a 10% reduction in output for this year. The large costs of committing to new mines drove industry players to attempt M&A with rivals instead of starting new projects, recently headlined by BHP’s attempt to buy Anglo American. On the demand side, copper’s usage in the global efforts of electrification continued to spur speculative buying.