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April 30, 2021
Since 2011, the copper price has exceeded US $10000 / T for the first time
2021 / 04 / 30 09:10:33 source: Cable Network
[cable network news] copper price has exceeded US $10000 per ton for the first time since 2011, which is close to the historical high set in that year. The reason is that economic recovery has driven demand and mineral supply is difficult to keep up.
Copper rose 1.3 percent on the London Metal Exchange to $10008 a tonne, and then fell to close to flat levels. Copper hit a record $10190 in February 2011.
At noon on Thursday, copper for May delivery fell 0.3%, with futures trading at $4.4860 a pound (US $9861.5 a ton) on the Comex market in New York.
Robert Edwards, an analyst with CRU group, believes that the price of copper will rise further: "the price of copper has risen to an amazing level, and it may go further, which is a good news for mining enterprises. They can earn at least $2 for every dollar they spend."
The price of copper has more than doubled from its low level during the epidemic period. It is widely believed that the demand for major metals will be greatly promoted, not only because of the economic stimulus after the pandemic, but also because the rise of copper is driven by decarbonization worldwide.
For Tai Wong, head of metal derivatives trading at BMO capital markets, an all-time high of $10190 is just around the corner.
Yao Wenyu, senior commodity strategist at ING Bank, also believes that there is still room for copper prices to rise. "The outlook for the US economy continues to improve. The reopening of the economy, coupled with massive stimulus measures, the faster than expected launch of vaccines, and fundamental support, all indicate that prices are even higher. "
Although almost everyone thinks the long-term outlook for copper is bright, there is little consensus on how much copper prices will rise in the next few years.
According to a monthly opinion poll conducted by focus economics, investment banks, brokers, economists and the government had very different price forecasts in the survey conducted from April 13 to 18.
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