Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

Copper Prices Break US$10,000 as Supply Concerns Mount

by admin May 11, 2024
May 11, 2024
Copper Prices Break US$10,000 as Supply Concerns Mount

Copper prices broke US$10,000 per metric ton this week, hitting highs not seen in two years. The last time they crossed the threshold was in March 2022 amid tensions following Russia’s invasion of Ukraine.

Although concerns about demand from China remain, worries over dwindling global supply are heating up.

Copper has also been gaining momentum on anticipation of interest rate cuts from the US Federal Reserve.

Looking at supply, Goldman Sachs (NYSE:GS) has warned of intensifying stress, with analysts at the firm projecting a possible ‘stockout episode’ by the fourth quarter due to growing deficits. Notably, the investment bank has boosted its year-end copper forecast to US$12,000 from US$10,000, strengthening its bullish stance.

“We continue to forecast a shift into open-ended and mounting metal deficits from 2024 onwards,” analysts including Nicholas Snowden wrote in note quoted recently by Bloomberg.

BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) potential takeover of Anglo American (LSE:AAL,OTC Pink:AGPPF) has raised prospects of tighter control over global copper supply. If realized, the merger would create an entity commanding 10 percent of global copper supply, surpassing major players like Chile’s Codelco and Freeport-McMoRan (NYSE:FCX).

The closure of Canadian miner First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama copper mine last year has heightened concerns about supply shortages, further accelerating copper’s price momentum.

Despite copper’s gains, skepticism lingers, with some observers pointing to soft indicators in China, such as falling import premiums and cautious purchasing behavior among buyers.

As of the end of Thursday (May 9), three month London Metal Exchange copper was at US$9,904.50.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
About 800,000 BetterHelp online therapy customers receive refund notices
next post
West High YieldResources Ltd. Announces Final Closing of Oversubscribed Private Placement and Signing of Sponsorship Agreement

Related Posts

Top 10 Central Bank Gold Reserves (Updated 2024)

May 21, 2024

Inaugurates DLE Pilot Plant in Chile

May 29, 2024

Interim Results for Six-Month Period Ending 30 June...

September 30, 2024

Crypto Market Recap: Bitcoin sees Record Price Drop,...

March 12, 2025

WESTERN COPPER AND GOLD APPOINTS RAYMOND THRELKELD AS...

September 28, 2024

BPH Energy

August 9, 2024

Silver Price Surges to US$36, Marking 13 Year...

June 6, 2025

Element79 Gold Corp Secures LOI For Launching Tailings...

September 27, 2024

Total Voting Rights

November 4, 2024

Top 5 Canadian Mining Stocks This Week: Tag...

April 26, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Tariff Shock Spurs “Buy-the-Dip” Setups in Tesla and ON Semiconductor

      July 9, 2025
    • New book reveals what top ex-Biden aide was thinking during disastrous debate

      July 9, 2025
    • TSA expected to end shoes-off policy at many airports across US

      July 9, 2025
    • Trump administration moves decisively to block China from ‘weaponizing’ American farmland

      July 9, 2025
    • Trump dishes on Milley clash over leaving military equipment in Afghanistan: ‘I knew he was an idiot’

      July 9, 2025

    Categories

    • Business (1,015)
    • Investing (2,560)
    • Politics (3,171)
    • Stocks (1,120)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved