American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

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

by admin 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
Shareholders push casinos to reassess indoor smoking
next post
Apple Debuts AI-Powered iPads

Related Posts

Here’s why the LVMH share price may rebound...

February 27, 2025

Here’s why the MYX Finance price surged and...

September 12, 2025

Canada Nickel Commences Front End Engineering Design at...

April 12, 2024

Polkadot price prediction: here’s why DOT may surge...

February 20, 2025

Troubled Victoria’s Secret stock could surge by 72%

October 13, 2024

Canadian Investment Regulatory Organization Trade Resumption – FT

May 17, 2024

SPYI ETF: Is this 12% yielding JEPI rival...

June 5, 2025

Top 4 Dow Jones stocks to buy and...

May 17, 2025

Top crypto stocks to buy as Bitcoin price...

February 23, 2025

Enphase Energy stock nears a pivotal price: buy...

September 12, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest News

    • Europe markets open in green ahead of Fed decision: FTSE 100, STOXX 600 rise

      September 17, 2025
    • Money, power, AI: what Trump’s UK visit is all about

      September 17, 2025
    • China bans Nvidia AI chips in escalating tech rivalry: here’s what it means

      September 17, 2025
    • Indian investors hoard gold, driving up prices and boosting bank profits

      September 17, 2025
    • Why India’s gold demand is expected to dip this festive season

      September 15, 2025

    Categories

    • Business (3,974)
    • Investing (2,877)
    • Latest News (2,063)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved