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Today, it is the world’s third-most-used metal, after iron and aluminium, and plays a pivotal role in all major economies and the developing world. “But if you look at the global picture and include ShFE and Comex, you probably want to be a bit more neutral.US30 US Wall Street 30 (USA 30, Dow Jones)Ĭopper Follow our live chart to always keep up to date with the latest copper spot price.Ĭopper is a unique commodity that has a distinctive value in the global market due to its industrial worth. "The LME in theory is a barometer of supply and demand and looking at LME stocks you'd be pretty bullish on metals prices,” Bhar explained. How much should investors pay attention to copper stockpiles? Speaking to Reuters, Robin Bhar, head of metals research at Societe Generale (OTC Pink: SCGLF,EPA:GLE), emphasized that it is important to look at inventories across the globe to get a better picture of the copper supply landscape. The declines in these major stockpiles have sparked a rise in demand for scrap copper. Declining inventories over the past few years have helped lift copper prices, with Shanghai Futures Exchange (ShFE) and London Metal Exchange (LME) inventories both experiencing significant drops. Rising copper inventories can weigh down the price of the metal, while falling inventories can boost the copper price. The ICSG notes that, going forward, mine output in 2022 is expected to increase by 3.9 percent, "supported by the ramp-up of recently commissioned mines and expansions as well as the planned start-up of some large projects." 3. Copper-mining operations in Chile, Peru and Mexico experienced the worst of it.ĭisruptions to copper mining eased somewhat in 2021, and the International Copper Study Group (ICSG) projects that copper mine production may increase by about 2.1 percent for the year. In 2020, the main cause for mine disruptions was the operational shutdowns resulting from the COVID-19 pandemic. Typically, mining disruptions for copper are attributed to permitting or labor disputes, such as when BHP's (NYSE: BHP,ASX:BHP,LSE:BHP) Escondida mine in Chile faced a labor strike early in 2017 that halted production for several weeks, or when Freeport-McMoran's (NYSE: FCX) Grasberg mine in Indonesia faced disruptions during a mining permit dispute with Indonesia's government. Mine disruptions are another important influence on the copper price today.
Copper prices today drivers#
Other drivers include demand for higher-efficiency vehicles, the Internet of Things and green manufacturing. Long term, there are a number of drivers of Chinese copper demand, including the country's Made in China 2025 program, which entails upgrading many factories into "smart factories" that will require more copper. The firm anticipates that China's property market will start to recover in Q2 2022 at the same time that the country will see a need to restock its copper inventory, which has fallen to low levels in recent months.Ĭhina's copper imports were down 21 percent year-on-year in the first 10 months of 2021, coming in at 4.43 million tonnes, reported Reuters. Trafigura and its chief economist have a more optimistic outlook for copper deeper into 2022 and beyond. Saad Rahim, chief economist at Trafigura, the largest copper trader, expects weak Chinese copper demand through to February 2022 due to continued constraints in energy supply and the housing market slowdown. Bloomberg recently reported, "(China's) economy continued to slow in November with car and homes sales dropping again as the housing market crisis dragged on." However, signs of slowing demand in the second half of 2021, alongside the Evergrande (HKEX: 3333,OTC Pink:EGRNF) crisis, created a price environment that was marred with volatility.Ĭhinese demand continues to play a role in the copper price.
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Chinese demandĪ " Chinese buying spree" in 2020 and early 2021 pushed copper prices to record-breaking highs. The following three factors have major impacts on supply and demand dynamics for copper: 1. A spike in demand from China led to a jump in copper prices from 2003 to 2008, and copper rose again from late 2008 to 2011 after dropping drastically in the wake of the 2008 global financial crisis. China takes the lead on the demand side too, accounting for over 40 percent of global consumption. Top Battery Metals Stocks on the TSX and TSXVĬhile is the world's number one copper producer, with Peru and China coming in a distant second and third.
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