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Copper price surged to 10-year high before traders took profits
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Copper Just Notched Its Biggest Month in 5 Years
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Copper - Feb 24, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper prices extended gains on Tuesday, while the rest of metals ended mixed.
Copper ended higher on Tuesday, tracking overseas prices, while the rest ended lower on Tuesday.
The Dollar Index weakened on Tuesday and lent support.
Federal Reserve Chair Jerome Powell said interest rates would remain low and the Fed s bond purchases will continue at least at the current pace until they make substantial further progress towards their goals.
The roughly 24 million tonne a year refined copper market is already in deficit and was undersupplied by 589,000 tonnes in the first 11 months of 2020, the International Copper Study Group (ICSG) said.
The copper price has resumed its rise this month after taking a brief pause in January.
Meanwhile, on the supply side, tightening began last year and could exacerbate in the year ahead. Strong demand from China, lack of new mine investment and enthusiasm about copper’s role in the renewables revolution are all contributing to the metal’s bullish run.
Copper’s outlook is strong, MetalMiner’s Stuart Burns explained earlier this week. However, it would not be a surprise to see short-term retrenchment.
“So, for investors to take profits and the copper price to fall back should not come as too much of a surprise after such a strong rise in prices,” he wrote.