Copper prices have surged to their highest level since June 2022, marking a 15%+ increase over the past two months. This rally is driven by concerns over supply shortages and optimistic demand forecasts, especially from China. Disruptions in mine operations have significantly impacted refined copper production, with Chinese smelters, accounting for more than 50% of the global supply, facing the brunt of these challenges. Concurrently, a pickup in global manufacturing activity has bolstered demand. China's first-quarter copper imports rose by 6.9% from the previous year, underscoring the resurgent demand. Analysts, including those from Citi, have heralded these trends as the onset of copper's second bull market this century, with the metal trading near a 15-month high as supply tightens.
An unprecedented squeeze in the market for copper ore has fired up bullish investors and helped drive prices to the highest in nearly two years https://t.co/VYnjxVLTMY
An unprecedented squeeze in the market for copper ore has fired up bullish investors and helped drive prices to the highest in nearly two years https://t.co/pNQyLvCCTz
Copper’s Rally Continues as Ore Shortage Meets Resurgent Demand Supply worries are colliding with growing demand optimism China first-quarter copper imports rose 6.9% from last year https://t.co/eekDHKYO83
Copper’s Run Continues With Surge to Highest Since June 2022 https://t.co/vzR8Q7FI6R
LME #COPPER RISES TO THE HIGHEST SINCE JUNE 2022.
Surge in copper prices signals supply shortages and rising demand https://t.co/Gt7hv7fEwm https://t.co/ubbrdpPL4u
Copper closed at its highest price since June 2022 yesterday https://t.co/OQpwWEuQcK
Copper prices climb to 2024 high as Citi calls the start of the metal's second bull market this century https://t.co/LnvICap6FP
"Prices have climbed 15%+ past 2 months after mine disruptions threatened refined-copper production at Chinese smelters, which account for 50%+ of world supply. Simultaneously, investors are betting on stronger consumption there as manufacturing picks up." https://t.co/Q4r28b3iA3 https://t.co/EbIxz7DEcr
Copper traded near a 15-month high as supply tightens and global manufacturing picks up. https://t.co/8mXvUFOXt7
Copper Hits Fresh 14-Month High on Supply Fears, China Optimism https://t.co/UQtIjYoMvU
Copper is now at a 14-month high. This is the metal that connects everything.