Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Copper prices fell 0.71 per cent to $6,993 a tonne during Wednesday’s midmorning trade.
Analysts say they were expecting such a dip following Tuesday’s rally when the red metal touched one-week highs and rose above $7,000 a tonne based on bullish Chinese import data.
In fact, SHFE copper, the most-traded copper contract on the Shanghai Futures Exchange, closed down 1.28 per cent at 54,590 yuan ($8,220.27) per tonne.
The overall drop is also attributable to investors getting calmer once China’s National Communist Party Congress concluded with the announcement that President Xi Jinping will remain in power and few immediate changes should take place in the realm of economic policy.
Dragging on prices were also data from Chilean mining association Sonami. According to the organization, the 2018 copper output from the South American country will rise 7 per cent year-over-year.
5 Comments
King Blonde
Boys, 0,71 % isn’t a fall, it’s a blink.
Wasteland Warrior
Fall?…are you people looking at the chart upside down?? is it a slow news day over there? even the twelve hour chart is showing a “high flag”. how can you call that a fall? glad you’re not my financial analysts…geez!
PM S
Slip might have been a better choice of words…FAKE NEWS!
PM S
Current price today is falling!!
MalcolmW
I thinks It’s not actually falling but correction after they grew up to 3.12 (COMEX)
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Malcolm – https://coursework4u.co.uk/