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25 May 2021
President Joe Biden is seemingly ditching his “Buy American” promise less than five months into his administration with a plan to import materials for electric vehicles as part of a “strategy designed to placate environmentalists,” according to a report.
According to administration officials who spoke to Reuters, Biden is set to deal a blow to American miners by outsourcing where the United States will source metals needed for electric vehicle production.
Rather than relying on U.S. mines, Biden will reportedly import the needed metals from Australia, Brazil, Canada, and other foreign countries. The move is a win for environmentalists and Democrats who have fought to shut down U.S. mining projects that would provide high-paying union jobs to America’s working and middle class.
Despite dropping to month’s low, copper seen ruling firm this year
May 24, 2021
Prices drop as China finds current spike ‘unreasonable’, speculators cut long positions
Copper prices rose to a record $10,724.5 a tonne on May 10 before dropping 6.5 per cent to $10,027.50 during the weekend but this declining trend may not last for long.
Analysts see copper ruling firm or heading up a little more during the later part of this year, particularly once the Covid-19 pandemic subsides in Europe.
On Monday, copper prices were near a month’s low after China said it will manage its commodity supply and demand to control any unreasonable increase in prices.