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Copper Hits Seven-Year High as Demand Hopes Build

CommoditiesNov 27, 2020 08:27AM ET
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Copper Hits Seven-Year High as Demand Hopes Build

(Bloomberg) -- Copper rallied for a fourth day to reach a seven-year high, adding to this week’s powerful surge across base metals on hopes for a post-pandemic demand boom.

The metal, which is used in everything from household wiring to electric vehicles, is gaining on optimism that the worst of the global economy’s coronavirus disruptions are over. The more bullish mood on demand coincides with falling global inventories that could leave the market short of supply heading into 2021.

“The market remains buoyed by fiscal stimulus measures across the world,” Australia & New Zealand Banking Group (OTC:ANZBY) Ltd. analysts wrote in a note. Copper has risen about 70% since its March lows, amid the depths of the coronavirus crisis.

Copperrose as much as 1.5% to a seven-year high of $7,511 a ton, and was trading at $7,480 a ton by 12:31 p.m. London time. All other metals on the London Metal Exchange were higher.

The recent surge for metals has been powered by expectations that a coronavirus vaccine deployment next year will ease global economic pain, and mean China isn’t the only region driving demand growth. Dollar weakness has also helped. The metal is also gaining traction as a bet on hawkish climate policies that will expand copper-rich power networks.

China’s rapid economic rebound has driven its imports to record levels this year, helping to offset lower demand in the rest of the world. The country’s latest factory gauge, due Monday, is expected to show activity in the top copper consumer continuing a steady expansion.

On Friday, data from the Shanghai Futures Exchange showed copper stockpiles in its warehouses falling to the lowest since late 2014.

 

Copper Hits Seven-Year High as Demand Hopes Build
 

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perplexed76 .
perplexed76 . Nov 27, 2020 9:13AM ET
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so demand is low but somebody bought all copper in hope. I hope copper will be delivered into their offices.
Marcus Jacoby
Marcus Jacoby Nov 27, 2020 9:13AM ET
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Youre just mad because youre getting crushed in this trade. Just go long and dont worry about it. If Tesla can trade at 10X sales obviously someone thinks an EV boom is coming. Copper is the main commodity recipient of that boom. Or...short as you have an go broke.
Yee Show Mee
Yee Show Mee Nov 27, 2020 9:13AM ET
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all speculators work, where got so much order and projects now, we manufacturer we know well.
 
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