Copper Prices Are At The Highest Level Of The Last 10 Years!

As pandemic-driven global recovery movements pointed to an upswing in metal markets, dockers' call for strike in Chile pushed copper prices to their highest level since 2011. Prepared for delivery in May, copper began trading in the New York futures Comex market at $ 4.4425 per funt ($ 9,795 per ton), up 2 percent on Monday. Shares of Glencore, one of the most solid copper producers in New York, rose 3.3 percent on Monday, while the shares of Freeport-McMoRan rose 6.6 percent. Vale, BHP and Rio Tinto shares also benefited from the increase in iron ore prices, with an increase of approximately 1.5 percent. In Chile, which meets about a quarter of the world's copper supply, dockers called for a strike Monday in response to President Sebastian Pinera's move to block a bill that would allow workers to withdraw from pension funds early. Gavin Wendt, senior sourcing analyst at MineLife Pty, told Bloomberg, "The unabated COVID-19 threat in countries in South America could hinder exports of key commodities like iron ore and copper."

Goldman Sachs said the price of copper could rise up to $ 15,000 by 2025!

For the discussions on seeing the peak demand of oil, the bank said, "Without an increase in the use of copper and other important metals, it is not possible for renewable energy sources to be a substitute for oil." The Bank therefore predicts that demand will increase by up to 900 percent in copper to 8.7 million tons by 2030, if this process goes slower, demand will still reach 5.4 million tons and an increase of almost 600 percent. Goldman told investors, "The effects of fluctuations in non-green channels mean that the 2020s will be the strongest phase in global copper demand growth in history."

“Best part of the copper super cycle is happening right now.”

Citigroup Global Markets commodity research manager Max Layton said, “The best part of the copper super cycle is happening right now. While the bullish outlook fully agrees with decarbonisation, the greatest part of this cycle will actually be more directly proportional to the scale of the global incentive over the next three or four years." Still, industrial risks continue to increase in the short term. With the increase in coronavirus cases and the threat of new variants to shelve their re-opening plans in regions like India, investors are highly concerned about a possible retreat in China's incentives. In an interview with BOCI Global Commodities' head of commodity strategy Xiao Fu Bloomberg, said, "Prices can be excessive for industrial use. I am not on the side of a $ 15,000 copper price. There will be some automatic stabilizers and some demand adjustments before we approach such levels. And let's not forget k. "The outbreak is not over yet, and cases are still increasing in many parts of the world."   Copper Prices Are At The Highest Level Of The Last 10 Years! Source: https://www.mining.com/ You may also be interested in:

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