Copper prices have once again pierced the psychological barrier of $10,000 (9,286 euros) this Friday due to market expectations of a shortage in supply, which would coincide with a rebound in consumption on the automotive and transmission networks side. , although, also, with a lower demand from China.
The mineral futures in London were trading at mid-session at around 10,035 dollars (9,318 euros) per ton, this is 1.32% more than at the opening, and were close to the figures of 10,200 dollars (9,471 euros) at the end of the last month.
So far this year, copper has appreciated 17% due to the possibility that production cannot maintain the rate due to the obsolescence of some mining sites.
As a result, China is cutting purchases of refined metal in response to the recent rebound, with Chinese copper wire factories operating at 73% of capacity last month, down 14 percentage points from a year ago, according to a study. collected by ‘Bloomberg’.
In any case, this report has also indicated that the production of copper derivatives increased in April by 1.6% compared to the previous year and 2% above what was expected.
2024-05-11 14:00:15
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