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(Repeats story filed on April 13 without changes. The opinions expressed here are those of the author, a columnist for Reuters.) China s raw material imports: tmsnrt.rs/3dXqcax
LONDON, April 13 (Reuters) - Copper’s turbo-charged rally has stalled over the last few weeks as funds have taken profits and physical buyers have refused to chase prices higher.
London Metal Exchange (LME) three-month copper hit a near 10-year high of $9,617 per tonne in late February but is now idling just below the $9,000 level, last trading at $8,910.
Spirits have been dampened by a rebuild in LME stocks, which have more than doubled to 168,500 tonnes from a February low of 73,500 tonnes. Market optics don’t look as bullish as they did.
Copper smelter terms at rock bottom as mine squeeze hits: Andy Home marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
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LONDON (Reuters) - Copper’s turbo-charged rally has stalled over the last few weeks as funds have taken profits and physical buyers have refused to chase prices higher.
FILE PHOTO: Refined copper bundles can be seen at BHP Billiton s Olympic Dam copper and uranium mine located in South Australia, May 24, 2016. REUTERS/Sonali Paul/File Photo
London Metal Exchange (LME) three-month copper hit a near 10-year high of $9,617 per tonne in late February but is now idling just below the $9,000 level, last trading at $8,910.
Spirits have been dampened by a rebuild in LME stocks, which have more than doubled to 168,500 tonnes from a February low of 73,500 tonnes. Market optics don’t look as bullish as they did.
Home: Copper smelter terms at rock bottom as mine squeeze hits
Copper smelter (Image: Glencore)
(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)
Copper’s turbo-charged rally has stalled over the last few weeks as funds have taken profits and physical buyers have refused to chase prices higher.
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London Metal Exchange (LME) three-month copper hit a near 10-year high of $9,617 per tonne in late February but is now idling just below the $9,000 level, last trading at $8,910.
Spirits have been dampened by a rebuild in LME stocks, which have more than doubled to 168,500 tonnes from a February low of 73,500 tonnes. Market optics don’t look as bullish as they did.
Annual benchmark copper smelter treatment charges: tmsnrt.rs/2M8Nd0d
LONDON, Jan 26 (Reuters) - The deadly coronavirus has taken a heavy toll on the world’s copper mines.
Output in key producer countries such as Peru cratered over the second quarter of 2020 as lockdowns and quarantine measures caused many mines drastically to reduce operations.
Recovery has been patchy. Peruvian mines had just about returned to normal run-rates by October, but output in Chile, the world’s largest copper producer, started sliding in the third quarter after a robust first half of the year.
Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels, according to the International Copper Study Group (ICSG).