- Write by:
-
Friday, July 1, 2022 - 18:43:14
-
422 Visit
-
Print
Mining News Pro - Copper prices are down almost 20% in the second quarter, the biggest quarterly fall since 2011, after covid lockdowns in China and slowing economic growth curtailed demand.
Copper for delivery in September fell 2.2% from Wednesday’s settlement, touching $3.70 per pound ($8,140 per tonne) Thursday morning on the Comex market in New York, the lowest since February 2021.
Other industrial metals were also headed for their biggest quarterly fall in several years, down between 20% and 40%.
“We still see metals falling as a recession in the US is fully priced in,” said Commerzbank analyst Daniel Briesemann.
Copper fell 19.8% in the first quarter of 2020 when covid-19 spread worldwide. There has been no other quarterly plunge on that scale since 2011.
“Right now fund managers are evidently in no mood to worry about copper’s micro dynamics. It’s the big picture that counts, and the big picture is one of darkening economic clouds on the horizon,” wrote Reuters columnist Andy Home.
Briesemann said copper could slip as low as $7,000-$7,500 in Q3, but prices should rise towards the year-end.
Short Link:
https://www.miningnews.ir/En/News/621655
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., ...
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 ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
No comments have been posted yet ...