Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Investing

Copper Prices Break US$10,000 as Supply Concerns Mount

by May 11, 2024
May 11, 2024
Copper Prices Break US$10,000 as Supply Concerns Mount

Copper prices broke US$10,000 per metric ton this week, hitting highs not seen in two years. The last time they crossed the threshold was in March 2022 amid tensions following Russia’s invasion of Ukraine.

Although concerns about demand from China remain, worries over dwindling global supply are heating up.

Copper has also been gaining momentum on anticipation of interest rate cuts from the US Federal Reserve.

Looking at supply, Goldman Sachs (NYSE:GS) has warned of intensifying stress, with analysts at the firm projecting a possible ‘stockout episode’ by the fourth quarter due to growing deficits. Notably, the investment bank has boosted its year-end copper forecast to US$12,000 from US$10,000, strengthening its bullish stance.

“We continue to forecast a shift into open-ended and mounting metal deficits from 2024 onwards,” analysts including Nicholas Snowden wrote in note quoted recently by Bloomberg.

BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) potential takeover of Anglo American (LSE:AAL,OTC Pink:AGPPF) has raised prospects of tighter control over global copper supply. If realized, the merger would create an entity commanding 10 percent of global copper supply, surpassing major players like Chile’s Codelco and Freeport-McMoRan (NYSE:FCX).

The closure of Canadian miner First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama copper mine last year has heightened concerns about supply shortages, further accelerating copper’s price momentum.

Despite copper’s gains, skepticism lingers, with some observers pointing to soft indicators in China, such as falling import premiums and cautious purchasing behavior among buyers.

As of the end of Thursday (May 9), three month London Metal Exchange copper was at US$9,904.50.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Nikki Haley to thank donors, but Trump’s last GOP rival not expected to endorse former president
next post
Apple Debuts AI-Powered iPads

Related Posts

Australian Vanadium

September 25, 2023

First Assays Confirm Thick Copper Zone and Significant...

May 2, 2024

Operational and Financial Update

April 10, 2024

5 Top Weekly TSXV Stocks: Standard Uranium Takes...

September 11, 2023

Drilling Commences at Butcherbird Targeting Reserve Extension to...

May 15, 2024

Crypto Market Recap: $TRUMP Token Soars as President...

April 27, 2025

Trump’s Tariffs Disrupting North American Critical Minerals Supply...

March 19, 2025

Canadian Critical Minerals Closes Financing

May 16, 2024

What Factors Impact Graphene Cost? (Updated 2024)

February 2, 2024

NASDAQ Listing Update

January 11, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      ‘This is a life-changing event’: Floridians start an arduous recovery as Idalia keeps thrashing North Carolina

      September 1, 2023
    • 2

      Letter from the CEO: Unlocking the True Value of Electric Royalties Ltd

      March 26, 2025
    • 3

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 4

      Waymo offers teen accounts for driverless rides

      July 9, 2025
    • 5

      Strong Leach Recoveries and Low Impurities

      July 9, 2025
    • 6

      Tesla asks shareholders to vote again on Musk’s $56 billion payout

      April 18, 2024
    • 7

      Eruption of Indonesia’s Mount Lewotobi Laki Laki volcano sends ash 11 miles high

      July 7, 2025

    Categories

    • Business (1,094)
    • Investing (2,148)
    • Politics (2,979)
    • Uncategorized (20)
    • World (3,421)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved