Copper surges as fears build for post-pandemic shortage
Copper in London hit the highest in more than seven years amid deepening concerns that miners will struggle to match demand as a global recovery bolsters this year’s China-driven boost.
The metal used in wires and cables is on the cusp of a fifth weekly advance, in a powerful rally fueled by hopes that developed-world demand will follow China as the coronavirus crisis eases next year.
“It’s a favorable environment from a price point of view,” Ivan Arriagada, CEO of Chilean miner Antofagasta said in a Bloomberg TV interview. China’s demand “has been sustained quite strongly”, he said, and the global copper market is heading for a slight deficit next year.
Progress toward coronavirus vaccines has bolstered prospects for an improvement in the world economy that should boost metals usage. For copper, an expected wave of spending on metals-intensive green infrastructure is also drawing in investors.
Copper rose as much as 1% to $7,750, the highest since March 2013, by 1:37 p.m. Shanghai time. Aluminum and zinc also rose.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation