Friday, April 16, 2021

"Copper heads for biggest weekly gain since February"

 The move is only beginning.

From Reuters:

Copper was on track for its biggest weekly rise in two months on Friday after solid U.S. and Chinese economic data pushed global stock markets to near record highs and several investment banks predicted higher prices for the metal.

However the numbers from China, the biggest consumer of metals, were a mixed bag, with factory activity growing strongly but below forecasts and expected to slow.

Benchmark copper on the London Metal Exchange (LME) was up 0.4% at $9,320.50 a tonne at 1218 GMT, up around 4% this week and near February’s peak of $9,617, the highest since 2011.

“The Chinese data are only really good at first glance ... momentum has cooled to some extent,” Commerzbank analyst Daniel Briesemann said.....


Recently via the FT's Natural resources editor: 

"Chinese Firms Position for an Energy Transition Copper Supercycle" 

Wood Mackenzie: "Build Or Buy: Are The Copper Majors Rising To The Growth Challenge?""

And a bit of history:
"Perhaps the most striking manifestation of the 2000s copper boom was the sight of charred human remains dangling from power cables"