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Home: China's super-charged buying reshapes the copper market

Stock Image.
(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)
China’s net imports of refined copper surged by 38% to 4.4 million tonnes last year, breaking all historical records.
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The country’s call on metal from the rest of the world was a million tonnes higher than the previous peak in 2018 and 1.2 million tonnes more than was imported in 2019.
This extraordinary buying spree has propelled the London Metal Exchange (LME) copper price from its covid-19 low of $4,371 per tonne in March last year to above $10,000 per tonne, last trading at $9,985. ....

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Column: China's super-charged buying reshapes the copper market

7 Min Read
LONDON (Reuters) - China’s net imports of refined copper surged by 38% to 4.4 million tonnes last year, breaking all historical records.
FILE PHOTO: A worker monitors a process at the Codelco Ventanas copper smelter in Ventanas, Chile, January 7, 2015. REUTERS/Rodrigo Garrido
The country’s call on metal from the rest of the world was a million tonnes higher than the previous peak in 2018 and 1.2 million tonnes more than was imported in 2019.
This extraordinary buying spree has propelled the London Metal Exchange (LME) copper price from its COVID-19 low of $4,371 per tonne in March last year to above $10,000 per tonne, last trading at $9,985. ....

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Price correction imminent if copper market gets into surplus

Price correction imminent if copper market gets into surplus
Growth is likely to be relatively slow due to muted global demand.
Is the world copper market in deficit or surplus? This has been a multi-million dollar question agitating investors and market participants of this prized industrial metal for some time now, especially given the metal’s stellar price performance in recent months.
According to the latest demand-supply estimates released by the International Copper Study Group (ICSG), the refined copper market is expected to be in surplus to the extent of 79,000 tonnes this year. The surplus comes after a sizeable supply deficit of 604,000 tonnes seen last year. ....

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METALS-Aluminium rises on China supply disruption worries

By Reuters Staff
2 Min Read
HANOI, May 4 (Reuters) - London aluminium prices rose on Tuesday, as top producer China’s commitment to curb carbon emissions sparked worries that supply of the energy-intensive metal will be limited.
Three-month copper on the London Metal Exchange rose 1.5% to $2,432.50 a tonne by 0253 GMT, copper advanced 0.9% to $9,909.50 a tonne, zinc was up 0.4% to $2,936.50 a tonne, while nickel fell 0.2% to $17,635 a tonne.
“We expect aluminium to remain supported in the short term amid concerns climate change policies in China will curb output,” said ANZ analysts in a note.
“Coal-fired power is used by more than 80% of China’s aluminium smelters. Pollution-reduction policies are likely to push many of them to hook up to the grid, thereby increasing their costs,” they added. ....

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Copper price rally fueled by concerns over supply for immediate delivery

Copper price could spike to $13,000 on low stocks – BofA
Copper cathodes (Stock Image)
Copper prices climbed back towards $10,000 per tonne on Tuesday, supported by prospects for higher demand while inventories dwindle.
Last Thursday, the copper price topped $10,000 a tonne for the first time since 2011, nearing the all-time high set that year.
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Copper for delivery in July was down 0.3% by 12:57 pm (EDT) on Tuesday, with futures at $4.5230 per pound ($9,950 a tonne) on the Comex market in New York.
Click here for an interactive chart of copper prices
“It’s a tremendously positive story for copper at the moment and in the long term,” WisdomTree analyst Nitesh Shah told Reuters. ....

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