Copper Shortage Expectations Raise Prices

Copper shortage expectations raise prices. Copper exceeded the level of 9 thousand dollars per ton.

In the global economy, which started to recover after the coronavirus (Covid-19) epidemic, concerns that there would be a historical copper shortage made the rise in copper prices inevitable. Copper, which increased more than 3 percent on the first trading day of the week, did not lose its momentum in the 11th month of its rise. It was stated that metal prices were supported by the expectation that demand will be above supply after the crisis. Although copper prices fell in early February due to investors' expectations of more incentive support and worries about decreasing demand in China, better-than-expected industrial output during the Chinese New Year brought an increase to prices once more. The 3-month copper contract traded at $ 9,141.50 after hitting the highest level since 2011 at $ 9,187 per ton on the London Metal Exchange. In addition, the nickel price has exceeded the level of 20 thousand dollars per ton. In addition, Goldman Sachs Group maintained its bullish stance in copper last week. The agency stated that China's return from the week-long New Year holiday triggered the rise in prices again. Goldman Sachs warned that the next few months could face the biggest copper deficit of the last decade.