Funds buy back into copper's super-cycle credentials: Andy home [Reuters]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
hkexgroup.com/investor-relations?sc_lang=en
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Source: Reuters
London Metal Exchange (LME) three-month copper touched $9,640.50 per metric ton on Monday, its highest trade since June 2022. The Friday announcement of new U.S. and UK sanctions on Russian metal may have played a role but if so it was only a bit part. Copper is on Wednesday trading just shy of that peak at $9,560. Copper below $9,500 per ton is now cheap, according to analysts at Citi, who have raised their forecasts to an average $10,000 in the fourth quarter of this year and $12,000 in 2026. Many other analysts are doing likewise. Reasons to be bullish include supply constraints, a turn in the old manufacturing cycle and an acceleration in copper-intensive energy transition sectors. The promise of a further demand booster from artificial intelligence in the form of bigger data centres is the latest strand in copper's bull narrative. The only skeptics are physical copper users, who are not seeing any tangible signs of that promised boom in their current order books. But
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News
- ICSG forecasts copper supply pressures but cautious on demand [Reuters]Reuters
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- Copper Slips as Chinese Demand Outlook Comes Into Focus [Yahoo! Finance Canada]Yahoo! Finance Canada
- Global banking regulators target mismanagement in handling risks from clients [Yahoo! Finance]Yahoo! Finance
- Global banking regulators target mismanagement in handling risks from clients [Reuters]Reuters