Post by
alvarez2 on Nov 23, 2021 9:13am
Can't hold copper down...............
Copper futures traded above $4.4 per pound, having touched a 6-week low on November 17th, buoyed by dwindling inventories in the LME and prospects of higher demand amid signs of an improvement in China’s real estate sector following regulators’ measures to ease pressure on property developers. The spread between spot and three-month contracts on the London Metal Exchange rose to a 3-month high of $120 per tonne, indicating tightening nearby supplies. Still, miners are ramping up with the Kamoa-Kakula project in the Democratic Republic of Congo producing 41,545 tonnes of copper concentrate in the third quarter. Meanwhile, markets await the elections in Chile, the second-largest producer of copper.
Comment by
smocher on Nov 23, 2021 9:58am
Like oil , copper is in inflationary supply deficit which medium term points to higher price. Unable to turn on supply, $5+ likely soon.
Comment by
alvarez2 on Nov 23, 2021 10:04am
Unlike oil............there's no alternative tap for copper. Going higher.