Shanghai copper is poised for its largest monthly increase in 16 months, with traders anticipating a supply squeeze that could drive up copper prices. Chinese copper smelters may reduce production by 10%, leading to concerns about future shortages and impacting the market.
The potential for Chinese copper smelters to reduce production by 10% is very significant. The public is now bracing for future shortages. Let’s see what happens… Supply coming offline and more central banks gearing for rate CUTS make the future of copper very interesting.
Traders bet on supply squeeze pushing up copper prices https://t.co/n2NeoJ28EV
SHFE Copper https://t.co/u2SHRtJfJZ
#China SHFE warehouse changes (weekly update): #Copper +5,138t (+1.80%) #Aluminum +17,083t (+8.55%) #Zinc +1,019t (+0.84%) #Lead -4,408t (-8.22%) #Nickel +120t (+0.58%) #Tin +958t (+7.97%) #Rubber -250t (-0.12%) https://t.co/FOJfKWFCY2
Shanghai copper heads for biggest monthly gain in 16 months