Red Canyon drilling confirms Kendal copper-moly discovery in British Columbia
Red Canyon acquired the Kendal project in 2022 as part of its focus on copper porphyry systems within North America’s top copper districts.
The copper price rose on Friday as low inventories and hopes for economic recovery next year offset a slackening in near-term demand in China caused by a surge in covid-19 cases.
Copper for delivery in March rose 1.6% on the Comex market in New York, touching $3.81 per pound or $8,382 per tonne.
[Click here for an interactive chart of copper prices]
While some analysts expect the metal to rise towards record highs of $11,000 in 2023, weakening economic growth has pulled prices down 14% this year.
“Demand is not there,” said Robert Montefusco at broker Sucden Financial.
Copper could move higher in early 2023 but this would require more economic stimulus in China — the top consumer — and an improvement of sentiment on wider markets, he said.
China expects a peak in covid-19 infections within a week, a health official said, as authorities predict extra strain on the health system and the virus ripples through business.
(With files from Reuters)
