Copper climbed to the highest in almost a decade as the global recovery from the pandemic extended a rally in metals markets.
Aluminum is surging and iron ore jumped to a fresh high as commodities advance toward the highs of the last supercycle. Metals are benefiting as the world’s largest economies announce stimulus programs and climate pledges as they rebuild from the coronavirus shock.
The US recovery is accelerating and President Joe Biden’s $2.25 trillion infrastructure plan will highlight sectors like electric cars, driving further gains in commodities critical to the green-energy transition. That’s coming alongside a continued economic boom in China, where a push to reduce emissions is filtering through to supply cuts for some metals just as demand is picking up.
Copper Hits Highest Since 2011 as Global Recovery Powers Metals msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Record copper scrap flows this year won’t plug deficit
Supplies of copper scrap will jump this year due to decade high prices, but are unlikely to come fast enough to meet robust demand, leaving shortages that are expected to trigger stock draws and further price gains.
Copper prices around $9,400 a tonne are close to $9,617 hit in February, the highest since August 2011 and more than double the levels seen in March last year, when manufacturing activity crashed due to COVID lockdowns.
Scrap typically accounts for about a third of global copper supplies at around 30 million tonnes, but quantities tend to vary according to prices.
Record copper scrap flows this year won t plug deficit mining.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mining.com Daily Mail and Mail on Sunday newspapers.
Neither mine nor scrap supply expected to balance market
LONDON, April 21 (Reuters) - Supplies of copper scrap will jump this year due to decade high prices, but are unlikely to come fast enough to meet robust demand, leaving shortages that are expected to trigger stock draws and further price gains.
Copper prices around $9,400 a tonne are close to $9,617 hit in February, the highest since August 2011 and more than double the levels seen in March last year, when manufacturing activity crashed due to COVID lockdowns.
Scrap typically accounts for about a third of global copper supplies at around 30 million tonnes, but quantities tend to vary according to prices.