Copper investments are enjoying another banner year, with some experts claiming that prices could rise to $12,500 per tonne
The entire base metal complex has been bullish in the current year, led by a 37% surge by tin and 17% by copper despite a weaker Chinese market and the U.S. dollar strengthening against major world currencies. Last week, copper prices soared to a two-year high just shy of $10,000 per ton largely spurred by a combination of positive investor interest--as evidenced by increasing bullish positions in Comex futures--and supply concerns due to mine-supply downgrades.
copper inventories climbed by 322 tons to 300 kt in the week ended 19 April and are currently at their highest since April 2020. Global copper supplies have come under pressure as Chinese smelters approach their regulatory approval to cut output, compounded by a supply shortage resulting from disruptions in key mines across major producing regions, especially in Zambia. Meanwhile, the U.S. and the UK have prohibited metal-trading exchanges from accepting Russian copper, aluminum and nickel.
, has returned 22.3% over the timeframe.
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