|
Replies: 5
| visibility 1
|
All-TigerNet [11006]
TigerPulse: 100%
Posts: 4973
Joined: 10/31/03
|
Good old Yahoo editors. Copper beats gold!
Jul 1, 2020, 9:14 PM
|
|
Business
Copper Prices Close at $6,000 an Ounce on Supply Concerns
Madhurima Das
ZacksJune 30, 2020, 9:22 AM EDT
Over the month of June, copper prices have gained 11% and currently trending close to the level of $6,000 an ounce. This uptrend can be attributed to optimism over financial stimulus and strong demand in China, which is the top consumer, amid growing fears of disruption in copper output in Chile. LME Copper prices closed at $5,957 per ton on Jun 29. Copper, whose demand is linked to global economic growth and activity, fell prey to the impact of the COVID-19 in the first quarter and suffered a decline of 22%. However, the red metal has made a dramatic comeback in the second quarter with a gain of 25%.
Strong Turnaround
Copper commenced 2020 at $6,165 per ton and attained a high of $6,300 per ton on Jan 16. However, this rally was cut short as the coronavirus outbreak in China resulted in the country implementing containment measures and shutting down production lines. This severely impacted demand for copper. Meanwhile as the outbreak rapidly took the shape of a pandemic, the consequent slump in global economic activity and plunging oil prices led copper prices plummeting to a low of $4,617.50 on Mar 23, 2020 — a 27% decline from the January high. Copper has however regained lost ground since then and crossed the $5,000 per ton threshold in April. It is currently trending close to $6,000 per ton.
Factors Favoring the Recovery
|
|
|
|
 |
All-In [27366]
TigerPulse: 100%
Posts: 26233
Joined: 9/19/11
|
a TON.***
Jul 1, 2020, 9:49 PM
|
|
|
|
|
|
|
|
All-In [27366]
TigerPulse: 100%
Posts: 26233
Joined: 9/19/11
|
But copper does beat gold in killing bacteria.***
Jul 1, 2020, 9:49 PM
|
|
|
|
|
|
|
|
Legend [19610]
TigerPulse: 100%
Posts: 16899
Joined: 9/5/02
|
Time to rip out the plumbing!***
Jul 1, 2020, 9:52 PM
|
|
|
|
|
|
|
|
Orange Blooded [2287]
TigerPulse: 100%
Posts: 1699
Joined: 6/5/17
|
Re: Good old Yahoo editors. Copper beats gold!
Jul 2, 2020, 8:24 AM
|
|
They're only off by $191,994,000. That's probably just a simple rounding error. It happens.
|
|
|
|
|
|
CU Medallion [65420]
TigerPulse: 100%
Posts: 33245
Joined: 12/3/03
|
No wonder that Tommy Copper crap is so expensive!
Jul 2, 2020, 8:51 AM
|
|
And, this explains how they could afford Favre and Rice in their advertising budget!
|
|
|
|
|
|
Replies: 5
| visibility 1
|
|
|
50
