{"id":3302,"date":"2024-05-11T15:57:09","date_gmt":"2024-05-11T15:57:09","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/05\/11\/copper-prices-break-us10000-as-supply-concerns-mount\/"},"modified":"2024-05-11T15:57:09","modified_gmt":"2024-05-11T15:57:09","slug":"copper-prices-break-us10000-as-supply-concerns-mount","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/05\/11\/copper-prices-break-us10000-as-supply-concerns-mount\/","title":{"rendered":"Copper Prices Break US$10,000 as Supply Concerns Mount"},"content":{"rendered":"<p><strong>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&#8217;s invasion of Ukraine.<\/strong><\/p>\n<p>Although concerns about demand from China remain, worries over dwindling global supply are heating up. <\/p>\n<p>Copper has also been gaining momentum on anticipation of interest rate cuts from the US Federal Reserve. <\/p>\n<p>Looking at supply, Goldman Sachs (NYSE:GS) has warned of intensifying stress, with analysts at the firm projecting a possible &#8216;stockout episode&#8217; 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.<\/p>\n<\/p>\n<p>\u201cWe continue to forecast a shift into open-ended and mounting metal deficits from 2024 onwards,\u201d analysts including Nicholas Snowden wrote in note quoted recently by Bloomberg. <\/p>\n<p>BHP&#8217;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&#8217;s Codelco and Freeport-McMoRan (NYSE:FCX).<\/p>\n<p>The closure of Canadian miner First Quantum Minerals&#8217; (TSX:FM,OTC Pink:FQVLF) Cobre Panama copper mine last year has heightened concerns about supply shortages, further accelerating copper&#8217;s price momentum.<\/p>\n<p>Despite copper&#8217;s gains, skepticism lingers, with some observers pointing to soft indicators in China, such as falling import premiums and cautious purchasing behavior among buyers.<\/p>\n<p>As of the end of Thursday (May 9), three month London Metal Exchange copper was at US$9,904.50.<\/p>\n<p><strong>Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n<div>This post appeared first on investingnews.com<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copper prices broke US$10,000 per metric ton this week, hitting highs not seen in two&hellip;<\/p>\n","protected":false},"author":1,"featured_media":3303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-3302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/3302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/comments?post=3302"}],"version-history":[{"count":0,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/posts\/3302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media\/3303"}],"wp:attachment":[{"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/media?parent=3302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/categories?post=3302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailywashingtoninsider.com\/index.php\/wp-json\/wp\/v2\/tags?post=3302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}