Copper prices broke US$10,000 per metric ton this week, hitting highs not seen in two years. The last time they crossed the threshold was in March 2022 amid tensions following Russia’s invasion of Ukraine.
Although concerns about demand from China remain, worries over dwindling global supply are heating up.
Copper has also been gaining momentum on anticipation of interest rate cuts from the US Federal Reserve.
Looking at supply, Goldman Sachs (NYSE:GS) has warned of intensifying stress, with analysts at the firm projecting a possible “stockout episode” by the fourth quarter due to growing deficits. Notably, the investment bank has boosted its year-end copper forecast to US$12,000 from US$10,000, strengthening its bullish stance.
“We continue to forecast a shift into open-ended and mounting metal deficits from 2024 onwards,” analysts including Nicholas Snowden wrote in note quoted recently by Bloomberg.
BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) potential takeover of Anglo American (LSE:AAL,OTC Pink:AGPPF) has raised prospects of tighter control over global copper supply. If realized, the merger would create an entity commanding 10 percent of global copper supply, surpassing major players like Chile’s Codelco and Freeport-McMoRan (NYSE:FCX).
The closure of Canadian miner First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama copper mine last year has heightened concerns about supply shortages, further accelerating copper’s price momentum.
Despite copper’s gains, skepticism lingers, with some observers pointing to soft indicators in China, such as falling import premiums and cautious purchasing behavior among buyers.
As of the end of Thursday (May 9), three month London Metal Exchange copper was at US$9,904.50.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
From Your Site Articles
Related Articles Around the Web
window.REBELMOUSE_LOWEST_TASKS_QUEUE.push(function(){
var edition_code; var value, parts;
if(window.__INNGlobalVars && window.__INNGlobalVars.userData && window.__INNGlobalVars.userData.edition_code){ edition_code = window.__INNGlobalVars.userData.edition_code; console.log("edition_code_vars: ", edition_code); }
if (!edition_code) { value = "; " + document.cookie; parts = value.split("; edition_code="); if (parts.length == 2) edition_code = parts.pop().split(";").shift(); console.log("edition_code_cookie: ", edition_code); }
var element = document.getElementById('dropbtn-geography'); if (element) { if (edition_code) { switch (edition_code){ case "world" : element.innerHTML = 'WORLD EDITION';
var check = document.getElementById('imgdiv-check-word'); if(check){ check.style.visibility = "visible"; } break; case "australia" : element.innerHTML = 'AUSTRALIA EDITION'; var check = document.getElementById('imgdiv-check-australia'); if(check){ check.style.visibility = "visible"; } break; default: element.innerHTML = 'NORTH AMERICA EDITION';
var check = document.getElementById('imgdiv-check-north'); if(check){ check.style.visibility = "visible"; }
var dropdown = document.getElementById('div-geography-dropdown'); if(dropdown){ dropdown.style.width = "200px"; } } } }
window.changeOption = function(option){ var edition_code = option; var element = document.getElementById('dropbtn-geography');
if (element) { if (edition_code) { switch (edition_code){ case "world" : element.innerHTML = 'WORLD EDITION';
var check = document.getElementById('imgdiv-check-word'); if(check){ check.style.visibility = "visible"; }
var check = document.getElementById('imgdiv-check-australia'); if(check){ check.style.visibility = "hidden"; }
var check = document.getElementById('imgdiv-check-north'); if(check){ check.style.visibility = "hidden"; }
var dropdown = document.getElementById('div-geography-dropdown'); if(dropdown){ dropdown.style.width = "169px"; }
var dropdown_content = document.getElementById('dropdown-content-divs'); if(dropdown_content){ dropdown_content.style.width = "169px"; }
//update cookie setOrUpdateCookie("edition_code", "world", 365);
if(window.__INNGlobalVars && window.__INNGlobalVars.userData && window.__INNGlobalVars.userData.edition_code){ updateGlobal("world"); }else{ reloadPages("world"); }
break; case "australia" : element.innerHTML = 'AUSTRALIA EDITION';
var check = document.getElementById('imgdiv-check-australia'); if(check){ check.style.visibility = "visible"; }
var check = document.getElementById('imgdiv-check-north'); if(check){ check.style.visibility = "hidden"; }
var check = document.getElementById('imgdiv-check-word'); if(check){ check.style.visibility = "hidden"; }
var dropdown = document.getElementById('div-geography-dropdown'); if(dropdown){ dropdown.style.width = "169px"; }
var dropdown_content = document.getElementById('dropdown-content-divs'); if(dropdown_content){ dropdown_content.style.width = "169px"; }
//update cookie setOrUpdateCookie("edition_code", "australia", 365);
if(window.__INNGlobalVars && window.__INNGlobalVars.userData && window.__INNGlobalVars.userData.edition_code){ updateGlobal("australia"); }else{ reloadPages("australia"); }
break; default: element.innerHTML = 'NORTH AMERICA EDITION';
var check = document.getElementById('imgdiv-check-north'); if(check){ check.style.visibility = "visible"; }
var check = document.getElementById('imgdiv-check-word'); if(check){ check.style.visibility = "hidden"; }
var check = document.getElementById('imgdiv-check-australia'); if(check){ check.style.visibility = "hidden"; }
var dropdown = document.getElementById('div-geography-dropdown'); if(dropdown){ dropdown.style.width = "200px"; }
var dropdown_content = document.getElementById('dropdown-content-divs'); if(dropdown_content){ dropdown_content.style.width = "200px"; }
//update cookie setOrUpdateCookie("edition_code", "north_america", 365);
if(window.__INNGlobalVars && window.__INNGlobalVars.userData && window.__INNGlobalVars.userData.edition_code){ updateGlobal("north_america"); }else{ reloadPages("north_america"); } } } } }
function setOrUpdateCookie(cookieName, cookieValue, expirationDays) { // Get the current value of the cookie var currentValue = getCookie(cookieName);
// Delete the previous cookie if it exists if (currentValue !== "") { document.cookie = cookieName + "=; expires=Thu, 01 Jan 1970 00:00:00 UTC; path=/;"; }
// Set the new cookie with the updated value var d = new Date(); d.setTime(d.getTime() + (expirationDays * 24 * 60 * 60 * 1000)); var expires = "expires=" + d.toUTCString(); document.cookie = cookieName + "=" + cookieValue + ";" + expires + ";path=/"; }
// Function to get the value of a cookie function getCookie(cookieName) { var name = cookieName + "="; var decodedCookie = decodeURIComponent(document.cookie); var cookieArray = decodedCookie.split(';'); for (var i = 0; i < cookieArray.length; i++) { var cookie = cookieArray[i].trim(); if (cookie.indexOf(name) == 0) { return cookie.substring(name.length, cookie.length); } } return ""; } function updateGlobal(code) { window.__INNGlobalVars.userData.edition_code = code; var userEmail = window.__INNGlobalVars.userData.email; var userId = window.__INNGlobalVars.userData.user_id; var datos = { email: userEmail, code: code, rmid: userId }; (async () => { const rawResponse = await fetch("https://innadmin.investingnews.com/webhook/code-update-user", { method: 'POST', body: JSON.stringify(datos) }); const content = await rawResponse.json(); reloadPages(code); })(); }
function reloadPages (region) { var url = window.location.pathname; var split = url.split("https://investingnews.com/"); var urlR = new URL(window.location.href);
if(split[1] === ""){ switch (region){ case "australia" : pathnew = "/au";
urlR.pathname = pathnew + urlR.pathname; window.location.href = urlR.href; break; case "world" : pathnew = "/world";
urlR.pathname = pathnew + urlR.pathname; window.location.href = urlR.href; break; } }else{ switch (split[1]){ case "world" : pathold = "/world/";
var arrPath = ["resource-investing", "tech-investing", "cannabis-investing", "life-science-investing"]; if (split[2]!== undefined && arrPath.includes(split[2]) && region === "north_america") { pathnew = "https://investingnews.com/category/daily/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; }else{ switch (region){ case "north_america" : pathnew = "";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; case "australia" : pathnew = "/au/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; } } break; case "au" : pathold = "/au/";
var arrPath = ["resource-investing", "tech-investing", "cannabis-investing", "life-science-investing"]; if (split[2]!== undefined && arrPath.includes(split[2]) && region === "north_america") { pathnew = "https://investingnews.com/category/daily/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; }else{ switch (region){ case "north_america" : pathnew = "";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; case "world" : pathnew = "/world/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; } } break; default: if (url.includes("https://investingnews.com/category/daily/")) { pathold = "https://investingnews.com/category/daily/"; switch (region){ case "australia" : pathnew = "/au/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; case "world" : pathnew = "/world/";
urlR.pathname = urlR.pathname.replace(pathold, pathnew); window.location.href = urlR.href; break; } }else{ var arrPath = ["resource-investing", "tech-investing", "cannabis-investing", "life-science-investing", "featured"]; if (arrPath.includes(split[1])) { switch (region){ case "australia" : pathnew = "/au";
urlR.pathname = pathnew + urlR.pathname; window.location.href = urlR.href; break; case "world" : pathnew = "/world";
urlR.pathname = pathnew + urlR.pathname; window.location.href = urlR.href; break; } }else{ location.reload(); } } } } }
});
window.REBELMOUSE_LOWEST_TASKS_QUEUE.push(function(){
if (!REBELMOUSE_BOOTSTRAP_DATA.isUserLoggedIn) {
const searchButton = document.querySelector(".js-search-submit"); if (searchButton) { searchButton.addEventListener("click", function(e) { var input = e.currentTarget.closest(".search-widget").querySelector("input"); var query = input && input.value; var isEmpty = !query;
if(isEmpty) { e.preventDefault(); input.style.display = "inline-block"; input.focus(); } }); }
}
});
window.REBELMOUSE_LOWEST_TASKS_QUEUE.push(function(){
var scrollableElement = document.body; //document.getElementById('scrollableElement');
scrollableElement.addEventListener('wheel', checkScrollDirection);
function checkScrollDirection(event) { if (checkScrollDirectionIsUp(event)) { //console.log('UP'); document.body.classList.remove('scroll__down'); } else { //console.log('Down'); document.body.classList.add('scroll__down'); } }
function checkScrollDirectionIsUp(event) { if (event.wheelDelta) { return event.wheelDelta > 0; } return event.deltaY < 0; } }); window.REBELMOUSE_LOWEST_TASKS_QUEUE.push(function(){ const authorWrappers = document.querySelectorAll('.shared__post_layout .social-author__avatar'); const authorNames = document.querySelectorAll('.shared__post_layout .social-author__name'); const authorModalWrappers = document.querySelectorAll('.author__modal-wrapper'); const closeSvgs = document.querySelectorAll('.close-svg'); const editorialPoliciesLinks = document.querySelectorAll('.editorial__policies-link'); const removeHoveredAuthor = () => { authorWrappers.forEach((authorWrapper, index) => { authorWrapper.classList.remove("hovered"); }); }
authorWrappers.forEach((authorWrapper, index) => { /* Append Modal Element to inside author parent */ authorWrapper.appendChild(authorModalWrappers[index]);
const authorInfo = authorWrapper.querySelector('.author__info-position'); if (authorInfo.textContent.trim() === '') { authorWrapper.querySelector('.author__header').classList.add('empty-job'); }
if (window.innerWidth < 1024) {
authorNames[index].setAttribute('href', "https://investingnews.com/copper-price-supply-concerns/javascript:void(0)");
authorNames[index].addEventListener('click', function(e) {
removeHoveredAuthor();
authorWrapper.classList.toggle("hovered");
});
closeSvgs[index].addEventListener('click', function(e) {
authorWrapper.classList.remove("hovered");
});
}
else {
authorWrapper.nextElementSibling.addEventListener('mouseover', function(e) {
authorWrapper.classList.add("hovered");
});
authorWrapper.nextElementSibling.addEventListener('mouseout', function(e) {
authorWrapper.classList.remove("hovered");
});
authorModalWrappers[index].addEventListener('mouseover', function(e) {
authorWrapper.classList.add("hovered");
});
authorModalWrappers[index].addEventListener('mouseout', function(e) {
authorWrapper.classList.remove("hovered");
});
}
});
});
window.REBELMOUSE_LOWEST_TASKS_QUEUE.push(function(){
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');
fbq('init', '2388824518086528');
});
Source link