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Market bullish sentiment prevails copper prices continue to rise
Release time:
2021-02-23 19:54
Source:
According to Mining Network, on Fridaycopper priceThe surge continued, surpassing the previous session's nine-year high, and bullish sentiment for base metals recovered after the Chinese New Year.
New York in MarchCopper PriceIt soared to $4.0910 a pound ($9019.16 a tonne), its highest level since September 2011.
Copper-the industrial metal is on its third straight weekly gain, up nearly 15 percent so far this year and 7.3 percent in the past week alone.
Although the rise in copper prices may be an indicator of increased demand, some market analysts believe that copper prices may also have been squeezed on the supply side."You have to remember that commodities like copper are determined by supply and demand. In fact, the availability of copper is part of the problem," Gina Sanchez, global executive and market strategist for Lido Advisors, said in an interview with CNBC.Sanchez said Peru's production cuts may have pushed up copper prices. Peru serves the needs of consumer countries.
According to Bloomberg (Bloomberg), Citigroup (Citigroup) analysts have controlled the global copper deficit at about 500000 tons at the beginning of this year.
Copper in stock on the London Metal Exchange (LME) is near a 2005 low of 75700 tonnes, keeping the premium on cash copper high over the three-month contract period.
The rise in copper prices has also pushed up valuations of copper producers. Shares of major producers, including BHP, First Quantum Minerals and Southern Copper Corp, have all posted double-digit gains this year (12.8 per cent, 15.4 per cent and 17.5 per cent, respectively).
Freeport McMoran (Freeport-McMoRan) shares have risen so fast that there are rumors of interest in merging Equals's BarrickGold(Barrick Gold)He said he would move on to other opportunities.
Other Industrial Metals
Copper is not an industrial product that will see huge growth in 2021.
Nickel levels have surged 17.3 percent to a seven-year high as automakers respond to changing consumer demand while battery components continue to shift in favor of nickel-dense chemicals.Tin, which is used in personal electronics and electric vehicles, has surged 24 percent this year to a decade-high, squeezing global mine supply due to the coronavirus's curbs.
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