- Write by:
-
Saturday, November 28, 2020 - 12:32:36 PM
-
350 Visit
-
Print
Mining News Pro - Copper rallied for a fourth day on Friday, adding to this week’s powerful surge across base metals on hopes for a post-pandemic demand boom.
On the Comex market, copper for delivery in December gained 2.85% to $3.4040 a pound ($7,488 a tonne) by mid-afternoon in New York.
The metal rose as much as 1.5% to a seven-year high of $7,511 a tonne on the London Metal Exchange.
“The market remains buoyed by fiscal stimulus measures across the world,” Australia & New Zealand Banking Group Ltd. analysts wrote in a note to Bloomberg.
Copper has risen about 70% since its March lows, amid the depths of the coronavirus crisis.
On Friday, data from the Shanghai Futures Exchange showed copper stockpiles in its warehouses falling to the lowest since late 2014.
The strength of China’s manufacturing rebound and the country’s seemingly insatiable appetite for imports of refined copper are the fundamental bedrock of copper’s 2020 turnaround. The country’s latest factory gauge, due Monday, is expected to show activity in the top copper consumer continuing a steady expansion.
But funds are now increasingly in the driving seat with investor positioning at or near historical highs on both the CME and LME contracts.
US dollar weakness has also helped. The metal is also gaining traction as a bet on hawkish climate policies that will expand copper-rich power networks.
In the US, president-elect Joe Biden has promised to spend billions on renewable energy. Meanwhile, countries in the European Union have already rolled out plans to spend heavily on the green economy and China plans to go carbon-neutral by 2060.
Short Link:
https://www.miningnews.ir/En/News/608558
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
No comments have been posted yet ...