Copper Price Update and Commentary Since the copper price to be set in the upcoming Oroco Santo Tomas PEA will drive value, I am keeping a close watch is the long and short term prices. Here is today's report:
London copper prices hit a seven-week high Friday before pulling back as investors locked in profits after the metal's 3.3% gain this week, driven by a weaker dollar and tightening inventories.
The U.S. dollar slid to a one-year low against a basket of currencies after surprising data showed U.S. producer prices falling by 0.5% in March.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange are down 4% this week, and copper held in warehouses registered by the London Metals Exchange has fallen to its lowest level since 2005.
According to Reuters, benchmark LME copper (HG1:COM) recently was +0.4% at $9,093/metric ton after reaching $9,141.50, the highest since February 23, after rising 1.6% Thursday as March trade data from China showed an unexpected surge.