نمایش مطلب با برچسب Copper price

The copper price recouped some of Monday’s losses after China pledged more support to help revive an economy that’s been imperiled by the escalating virus outbreak

The metal fell on Monday to the lowest in three months with mounting concern about the outlook for demand due both to spreading lockdowns in China and the continuing war in Ukraine

On Tuesday, copper rose as much as 2.3% in China as the country’s central bank vowed to increase monetary support to the real economy, especially for industries and small businesses hit hard by the pandemic

That follows the People’s Bank of China’s decision Monday to cut the amount of money that banks need to have in reserve for their foreign currency holdings, an attempt to help limit the drop in the yuan

Copper for delivery in July rose 1.6% from Monday’s settlement price, touching $4.54 per pound ($9,997 per tonne) on the Comex market in New York

Fund managers have been increasing bearish bets on the CME copper contract over the last couple of weeks, Reuters columnist Andy Home reported

“With declines in aluminum and nickel as well, the overall picture that emerges is that China’s weakened demand outlook is outweighing supply concerns, which were elevated after Russia’s invasion of neighboring Ukraine on Feb. 24,” wrote Reuters columnist Clyde Russell

“Policy may be the salvation for China’s iron ore and base metal demand this year,” Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, wrote in a note

“Policymakers are hoping for a soft landing, helping stabilize commodity demand in the property construction sector,” while infrastructure investment in the country is also expected to rise significantly this year, he added

The copper price rose on Monday despite lingering demand concerns in top consumer China

Copper for delivery in May rose 2.3% from Friday’s settlement price, touching $4.790 per pound ($10,538 per tonne)

Trading was sluggish as Chinese financial markets were closed for a public holiday, but traders kept a wary eye on the country’s covid-19 lockdowns and their impact on economic output and overall demand

“The lockdown in China “has already led to a slowdown in the domestic movement of base metals, (and) as a result, production cuts at metal fabricators have also been implemented,” commodity strategists at ANZ said in a note

Meanwhile, Peru, the world’s second largest copper supplier, will target the “excess profits” that mining companies have earned from rising metal prices around the world, Economy and Finance Minister Oscar Graham told Reuters in an interview late Friday

The country will focus on surplus profits, potentially through an “adjustment” to taxes, Graham said

Peruvian President Pedro Castillo pledged to raise taxes on the mining sector when he came to office last year. His current plan, however, is much less ambitious than initially promised after it faced resistance from miners and a split Congress

The copper price hit an all-time high on Friday as traders looked to stock up over fears of further supply-chain disruption
Concerns about supply disruption, historically low global stockpiles and rocketing energy costs have lit a fire under base metals, trumping concerns over the longer term impact of the Ukraine invasion on global growth, rising interest rates in the developed world and a slowing economy in China 
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Copper for delivery in May rose on the Comex market in New York, touching a high $4.9490 per pound ($10,910 per tonne), more than 3% compared to Thursday’s closing. The bellwether metal is up 10% since the Russian invasion of Ukraine little over a week ago
[Click here for an interactive chart of copper prices]
Adding to metal supply fears are falling inventories in LME-registered warehouses. Copper stocks, at 69,825 tonnes, are the lowest since 2005
Base metals rallied across the board with the LMEX Index, which tracks six major contracts, surging to a record high. Nickel briefly trade above $30,000 a tonne for the first time since 2008
“The market is in a panic mode in terms of supply,” said Gianclaudio Torlizzi, a partner at consultants T-Commodity, adding prices would keep rising while conflict raged in the Ukraine
Russia isn’t a major copper player, producing about 3.5% of the world’s copper. Still, commodities extended their massive rally this week as the war fueled fears of supply crunches
Sanctions on Russian individuals and corporates have prompted many banks, shippers and other firms to stop working with Russian companies or goods
“This Russia and Ukraine conflict has only fanned the flames of the already stretched base metals markets,” Reuters quoted ING analyst Wenyu Yao
    “All energy prices are through the roof and that will add more risk to production in Europe which will provide the catalyst to a rally”
Lean month in Chile

Chile, responsible for more than a quarter of global copper production, recorded its lowest January output since 2011, government figures showed on Monday
Chilean copper production is expected to recover to register a similar annual haul as last year, according to the president of the country’s mining society
The world’s biggest supplier saw output slide 7.5% from January 2021, with lower ore quality and water scarcity among the reasons. In some cases, the factors holding back output are temporary, said Diego Hernandez, a former chief executive of Codelco and Antofagasta Plc, who now heads Sonami
“This year should be the same as last year or maybe slightly less,” he said on call on Thursday

Copper prices headed towards their biggest weekly decline since October on Friday as the prospect of central bank tightening reduced investor appetite for risky assets, hammering equities and boosting the dollar
 Europe’s main bourses fell again and Chinese equities slumped to 16-month closing lows while the dollar was at its strongest against a basket of major rivals since June 2020, making metals costlier for non-U.S. buyers

March delivery contracts were exchanging hands for $4.31 a pound ($9,482 a tonne) on the Comex market in New York, down 2.5% compared to Thursday’s closing

Benchmark copper on the London Metal Exchange (LME) was down 1.9% at $9,598 a tonne by 1201 GMT and down by about 3.5% this week

Mining stocks also slid, with Freeport-McMoRan down 12.9% from the previous week, First Quantum Minerals down 12.6%, and Ivanhoe Mines down 10.8%

“Price weakness could last through China’s New Year public holiday next week, typically a time of low demand,” said Saxo Bank analyst Ole Hansen

“However, the longer-term outlook remains positive, with a global transition from fossil fuels to copper-intensive electrification likely to boost demand”

The copper price rose on Friday, supported by a rebound in equities and tight supply, but a firmer dollar and expectations of an early US interest rate hike kept the metal on track for its biggest weekly decline since November

March delivery contracts were exchanging hands for $4.39 a pound ($9,658 a tonne) on the Comex market in New York, up 0.9% compared to Thursday’s closing

The most-traded February copper contract on the Shanghai Futures Exchange was down 0.5% at 69,560 yuan ($10,910.69) a tonne

“Market sentiment improved a little bit after participants digested the hawkish US Federal Reserve’s minutes of December policy meeting,” a Singapore-based trader said

“Concerns over tight supply, already affected by covid-19-related controls, were exacerbated by the unrest in Kazakhstan,” he added

The Fed, at its December meeting, began plans to start cutting the amount of bonds it is holding, with members saying that a reduction in the balance sheet likely will start sometime after the central bank begins raising interest rates

Goldman Sachs Group said it is “extremely bullish” on commodities, amid a supercycle that has the potential to last for a decade, according to Jeff Currie, the bank’s global head of commodities research

“The new year has started against a backdrop that includes record dislocations in energy, metals and agriculture, and significant amounts of money in the system,” Currie said in a Bloomberg Television interview

“The best place to be right now, particularly given the Fed pivot, are commodities,” Currie said

“We think you’re going to see another year of out-performance of commodities and real assets more broadly”

On-warrant copper stocks in LME-registered warehouses were last at 80,525 tonnes, up from a historic low of 14,150 tonnes in October but far below peaks seen in August

Copper price fell on Wednesday as China’s pledge to bring down coal prices eased worries about supply disruption in metals and investors booked profits after recent strong gains

CASH copper on the London Metal Exchange plunged 7.2% overnight, erasing Monday’s gains

The Chinese National Development and Reform Commission said it’s evaluating measures to intervene in prices and has “zero tolerance” for those spreading false information or collusion in the market

The agency added that China planned to raise its coal output to 12 million tonnes a day and give the fuel priority for deliveries through ports and over railroads

The power crunch in China and electricity price hikes in Europe have raised concerns of supply shortages in base metals, some of which are already seeing multi-year low inventories

Last week, zinc surged 20.4%, copper gained 9.8% and aluminum advanced 6.9%

Copper for delivery in December fell 1.4% on the Comex market in New York on Wednesday, touching $4.6360 per pound ($10,199 per tonne)

The most-traded November copper contract on the Shanghai Futures Exchange dropped 3.2% to 72,910 yuan ($11,406.80) a tonne. Zinc tumbled 6.8% to 25,320 yuan a tonne ($3,962.44)