- Write by:
-
Friday, August 5, 2022 - 13:09:42
-
473 Visit
-
Print
Mining News Pro - The copper price rebounded on Thursday as the dollar weakened, forcing speculators to scramble to buy back their bearish positions.
Copper for delivery in September rose 1.7% on the Comex market in New York, touching $3.52 per pound ($7,744 per tonne).
“The buying was largely based on technical levels because the short-term trend in copper had become bullish,” said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.
Copper has lost nearly 30% since hitting a record high of $10,910 a tonne in March.
This week’s recovery, however, is only a temporary bounce within a wider bear market, said Tom Price, head of commodities strategy at Liberum.
“The main drivers of industrial metals were still pointing to weaker prices, including a slowdown in top metals consumer China,” he added.
“China has given up on its 5.5% GDP growth target and that tells me that any sort of stimulus before the end of the year is just going to support activity, rather than drive it to higher levels,”
Short Link:
https://www.miningnews.ir/En/News/621910
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
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 ...
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 ...