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Copper prices have exceeded $10000 per ton in 10 years.
Release time:
2021-05-07 20:26
Source:
Changjiang Nonferrous Metals Network News: Foreign media reports,CopperPrices have exceeded $10000 a tonne since 2011, close to the all-time high set that year, as the economic rebound has spurred demand and the mining industry has struggled to keep up.
Copper rose as high as $10008 a tonne on the London Metal Exchange on Thursday. In February 2011,Gold priceset a record of $10190 an ounce.
CRU GroupAnalyst Robert Edwards sees room for further gains in copper prices:
"The price of copper has risen extremely high and is likely to continue to rise, which is a boon for the miners currently mining copper, who are currently spending at least two dollars on mining copper."
Copper, which has more than doubled from its low since Covid-19, is being driven by the widespread belief that demand for the bellwether metal will get a big boost, not only from the post-pandemic economic stimulus, but also from the global push for decarbonization.
BMO Capital MarketsTai Wong, head of metal derivatives trading, believes that the all-time high of US $10,190 is just around the corner and now it is actually a "foregone conclusion".
"In terms of size and consistency, this is an extraordinary rally for copper."
The Netherlands International Group (ING Bank) commodity strategist Wenyu Yao also believes that the rise in copper prices will continue:
"The outlook for the U.S. economy is getting better. The reopening of the economy, combined with massive stimulus, a faster-than-expected vaccine rollout and supportive fundamentals, all point to even higher prices."
While almost everyone agrees that the long-term outlook for copper is bright, there is much less consensus about how much the price of copper will improve in the next few years.
FocusEconomicsThe monthly poll shows a wide gap in the forecast prices of investment banks, brokers, economists and the government in the April 13-18 survey.
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