JJCTF - Copper's Bull Run Is Only Just Beginning
2024-03-19 09:30:00 ET
Summary
- Copper rallied to its highest level in one year last week as major smelters in China pledged to control capacity after a collapse in treatment and refining charges.
- We believe copper’s outlook is starting to look brighter despite lingering short-term demand concerns.
- Copper has no substitute for its use in EVs, wind and solar energy, and its appeal to investors as a key green metal will support higher prices over the next few years.
By Ewa Manthey
Copper surges to 1-year high
LME, ING Research
China curbs copper capacity
Copper climbed above $9,000/t last week, surging to its highest level in one year after months of range-bound trading. The rally was triggered by news that major copper smelters in China have pledged to curb output in response to a tightening copper ore market....
Copper's Bull Run Is Only Just Beginning