Better-than-expected copper import figures from China have given the red metal the support it needed to reach a near-two month high.
Articles Tagged "copper demand"
According to the Globe and Mail, investors could be missing signs of robust copper demand from China amidst gloom over the weak global economy, which could potentially "wrong-foot those betting on a further slide in prices."
Copper prices came down today from one-month highs seen July 22.
Don't worry, we aren't in danger of peak copper any time soon.
Bloomberg reported that copper showed some strength on Monday, reaching a near two-month high, on positive manufacturing data from the U.S., suggesting that demand may be picking up.
Reuters reported that analysts are predicting that, while numerous shut downs will tighten available supply, they will likely not run into a deficit situation.
Copper prices fell in London on the back of reports that China may cut its demand for the metal and that the US economy is improving.
Copper prices on the London Metal Exchange rose to $1,333.25 a metric ton the morning of May 8, an increase of nearly $12 from the previous day.
Reuters reported that copper moved up on Monday, in the wake of three weeks of losses, as orders jumped the most in 15 years.
In the last couple of years, the combination of declining ore grades, labor disruptions and delayed or cancelled mine expansions has led to increased copper scrap consumption. Now, amid tightening supply, the price gap between scrap and refined copper is closing.