Experts Believe Copper Demand Likely To Remain Strong Well Into 2021 finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
Copper stabilizes after late February, early March drop
The LME three-month copper price surged to a peak of $9,560 in late February.
However, like nickel, the red metal cooled at the end of February and early March. The three-month price fell to $8,757 per metric ton as of March 4.
“This is a classic overbought market in which traders sought to take some profits,” MetalMiner CEO Lisa Reisman explained last month. “With the exception of tin, all of the non-ferrous metals traded down. And though nickel looks weaker (as does lead), most of the non-ferrous metals remain in their uptrend, as does the ferrous metals complex.”
Copper price surged to 10-year high before traders took profits agmetalminer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agmetalminer.com Daily Mail and Mail on Sunday newspapers.
The
Copper Monthly Metals Index (MMI) increased for the fourth consecutive month, rising by 1.1%, as copper demand is likely to remain strong this year.
Copper prices traded sideways throughout January, which proved to be a slow month for the red metal. Most of its momentum over the past year came from China, which has stopped some of its manufacturing ahead of the Chinese New Year celebrations.
However, copper prices might pick up as key industries such as construction, consumer appliances and automotive continue to grow. Copper demand should also benefit from the “Buy American” policy that the Biden administration plans to implement.