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.”
Gold production from top 8 companies to rise by up to 3 1% this year — report mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions observed in the US (23.6%), Indonesia (13.1%), Russia (8.1%) and Australia (5.5%). These were only partially offset by increases in China (4%) and India (0.7%). Additionally, during the last year, there was an estimated .
Advertisement
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions observed in the US (23.6%), Indonesia (13.1%), Russia (8.1%) and Australia (5.5%). These were only partially offset by increases in China (4%) and India (0.7%). Additionally, during the last year, there was an estimated 3.5% reduction in the global thermal coal demand, while the world’s metallurgical coal demand fell by 5.9%. However, global coal production is set to recover by 3.5% to 8 billion t in 2021, according to GlobalData, a leading data and analytics company.
With the US coal industry already challenged by high production costs and low natural gas prices, the country’s output was severely impacted by the COVID-19 pandemic, with key companies halting their operations as part of preventive measures. Additionally, a decline in domestic demand as well as export market demand affected output from Indonesia and Russia.
The Energy Information Administration reported energy-related CO2 emissions in the US dropped by 11% in 2020 amid the outbreak of the COVID-19 pandemic.