Copper prices reverse gains made in May as a short squeeze-driven rally unravels amid tepid demand, leaving markets to seek a new bottom.
Via Metal Miner Overall, the Copper Monthly Metals Index MMI rose 3.48% from May to June. A short squeeze helped the price of copper peak at a new all-time high in late May, followed by a sharp downside correction. This resulted in an overall 3.7% rise from the close of April. CME copper prices then continued to retrace during the first half of June, wiping out all of May’s gains as they continued searching for a new bottom. Copper markets are constantly shifting.
steel prices skipped the uptrend witnessed across base metals throughout Q2. HRC prices have remained within an ongoing downtrend since the start of 2024, and now sit at their lowest level since October 2023. Meanwhile, domestic steel markets have started to report worsening demand as sticky inflation and delayed rate cuts by the Federal Reserve continued to pressure consumers and manufacturers.
Copper Prices Copper Market Copper Demand Metal Prices Commodity Markets Speculative Rally Market Correction LME
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is now the time to buy Japan?This year’s powerful stock market rally attracted investors’ attention, but does it have staying power?
Read more »
Chapel Allerton Market: Bustling Leeds market to welcome shoppers into new space after expandingA bustling monthly market in Leeds is set to unveil its exciting expansion this Sunday (June 2).
Read more »
Copper price to rocket to $40,000 a tonne, says top trader AndurandHedge fund manager shifts focus to red metal after bullish oil bets backfired last year
Read more »
WRC Rally Sardinia: Ogier hangs onto lead as Fourmaux grinds to a haltToyota’s Sebastien Ogier leads Rally Italia Sardinia from Hyundai’s Ott Tanak after an eventful start to the World Rally Championship’s new shorter sprint rally concept.
Read more »
WRC legend Petter Solberg set for rally comeback in ERCWorld Rally Championship icon Petter Solberg is set to make a competitive rally return in the European Rally Championship next month.
Read more »
U.S. Automakers Race to Offset the Rise in Copper PricesHigh copper prices pose significant challenges for automakers but there are some potential strategies to mitigate the impact of copper price volatility.
Read more »