10 months ago

Copper Prices Reach Record High Amid Economic Uncertainty

Copper Prices Reach Record High Amid Economic Uncertainty
Copper just set a record. The market’s already having second thoughts · livemint.com

Imagine copper is like a popular toy that everyone wants to buy.

This week, the price of copper went up so high it set a new record, mostly because people thought there wouldn't be enough of it and also because the United States and China seemed to be getting along better.

But, even though the big leaders from the U.S. and China had a nice chat, both countries are still having some money problems.

The U.S. is trying to help its economy by lowering interest rates, but people aren't spending as much.

China's economy is also growing, but people aren't buying a lot of things.

Plus, some people think that even though there were problems at copper mines, there might still be enough copper available, maybe from recycled bits or from new, smaller mines.

So, while copper might stay expensive, it might not keep going up forever.

Key facts

Record High Price (London, 3-month contract)
$11,188.50
Price Drop (London, Thursday)
$10,897 a metric ton
Monthly Gain
6%
US Prices vs. Record
10% below late July record
Key Mining Companies Mentioned
Glencore, Anglo American, Freeport-McMoRan

Quotes

Eoin Dinsmore

analyst at Goldman Sachs

“offset by strong scrap exports (in response to a higher copper price) and mine supply growth from marginal producers”
livemint.com

Sources

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