- Write by:
-
Friday, March 26, 2021 - 2:57:24 PM
-
473 Visit
-
Print
Mining News Pro - Copper prices fell to their lowest in more than two weeks, as a stronger US dollar made greenback-priced metals more expensive to holders of other currencies.
Copper for delivery in May was down 2.95% by midday, with futures touching $3.944 per pound ($8,676 a tonne) on the Comex market in New York.
Escalating tensions between China and the West, as well as potential US tax hikes hit sentiment and led to investors buying into safe-haven dollar.
“Renewed restrictions in Europe and other macro news are denting market sentiment,” ANZ analyst Soni Kumari told Reuters, adding that Chilean miner Antofagasta avoiding a strike at its Los Pelambres copper mine also pressured prices.
“Bullish underlying factors for copper have started to fade and we see this continuing into 2021,” said Fitch Solutions in its latest copper report.
“We are revising up our 2021 average copper price forecast to $7,250/tonne from $6,800/tonne as prices have pushed higher than previously expected. Although we were already positive on prices in the first quarter, the
rally has been stronger than we expected. However, we note that prices have edged lower since their late February high,” Fitch said.
The analyst sees prices “trending lower from current levels on a six-to-nine-month horizon.”
Trafigura, the world’s biggest copper trader, said on Tuesday it expects the metal to hit $15,000 a tonne in the coming decade as demand from global decarbonization produces a deep market deficit.
Even in the early stages of the covid-19 crisis, Trafigura Group was betting on the rebound that’s seen copper double over the past year to trade at more than $9,000 a tonne.
Now the commodities giant sees the metal soaring past record highs above $10,000 as western economies pull out of the pandemic and the green revolution takes hold, head of copper trading Kostas Bintas said in an interview.
Short Link:
https://www.miningnews.ir/En/News/611930
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
No comments have been posted yet ...