Copper futures are rebounding from last week’s
January copper futures rose $0.0165, or 0.59%, to $2.825 per pound at 16:57 GMT on Tuesday on the Comex division of the New York Mercantile Exchange.
Following announcements of the USMCA and phase one of the
According to recent survey data compiled by IHS Markit and JPMorgan Chase, global manufacturing pointed to expansion for the first time since April. At the same time, however, Moody’s forecasting model alluded to a negative outlook for the sector in the
Overall, the price of copper could ring in the new year rallying on improved trade relations, important industrial markets in Asia getting better, and investor interest for base metals over the next six months.
Another big play for copper could be tightening inventories. It has been reported for months that the global copper market could experience a supply deficit over the next 18 months with output diminishing, new mines not opening in time, and possibly higher demand either from a strong economy or government stimulus.
Recently, copper stockpiles in London Metal Exchange (LME)-approved warehouses slipped to a
Meanwhile, the Chinese Ministry of the Environment’s Solid Waste and Chemicals Management Bureau published import allowances for 270,885 tons of
In other metal markets, January gold futures tacked on $15.60, or 1.04%, to $1,504.30 per ounce. March silver futures soared $0.335, or 1.92%, to $17.835 an ounce. January platinum futures picked up $8.50, or 0.91%, to $946.90 per ounce. January palladium futures edged up $0.50, or 0.03%, to $1,849.50 per ounce.
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