New report says while copper bulls have been facing “a crisis of confidence”, fundamentals “have been quietly tightening” setting up return to record prices in the near future.
China announced it would release a total of 170,000 tonnes of metals, including copper, aluminum and zinc, from state reserves on Thursday to nonferrous fabricators.
In the short term, emissions are on a rising trend, notwithstanding a temporary decline during the covid-19 pandemic, putting the world a long way off track to reach zero emissions by 2050.
Moscow has been trying to protect its defense and construction industries from further growth in raw materials costs as metals prices rise at a global level.