Copper prices have been on the rise recently, raising questions of what the commodity’s market might be saying about the broader economy.
Because of its wide industrial uses in automobiles, electronics and buildings, copper is often considered a leading economic indicator. Although recent price moves have been tied to short-term supply shortages, there is also a sense of cautious optimism about the broader economy.
Still, the economic outlook for China, the world’s biggest copper consumer, isn’t entirely clear. And interest rate cuts in the United States and Europe that might spur economic activity are still theoretical at this point.
That appears to be keeping copper market participants from piling into the metal, which remains well below its 2022 record high of a little more than $5 per pound in New York and $10,730 per metric ton in London.
“The recent rise in copper prices, which we expect to continue, is probably an early signal that the Chinese economy is getting back on track and the massive appetite they have for real estate is about to get back on track,” said Sean Casterline, a retirement plan consultant with investment advisory firm Delta Capital Management. “Copper’s recent price movements should lend confidence to investors that the global economy is on good footing and that the recent interest rate increases from the Federal Reserve are not halting growth in real estate.”
Lower Mine Supply Helps Raise Prices
Copper futures recently hit an 11-month high of $9,164.50 a ton on the London Metal Exchange in response to …
Full story available on Benzinga.com
Copper prices have been on the rise recently, raising questions of what the commodity’s market might be saying about the broader economy.
Because of its wide industrial uses in automobiles, electronics and buildings, copper is often considered a leading economic indicator. Although recent price moves have been tied to short-term supply shortages, there is also a sense of cautious optimism about the broader economy.
Still, the economic outlook for China, the world’s biggest copper consumer, isn’t entirely clear. And interest rate cuts in the United States and Europe that might spur economic activity are still theoretical at this point.
That appears to be keeping copper market participants from piling into the metal, which remains well below its 2022 record high of a little more than $5 per pound in New York and $10,730 per metric ton in London.
“The recent rise in copper prices, which we expect to continue, is probably an early signal that the Chinese economy is getting back on track and the massive appetite they have for real estate is about to get back on track,” said Sean Casterline, a retirement plan consultant with investment advisory firm Delta Capital Management. “Copper’s recent price movements should lend confidence to investors that the global economy is on good footing and that the recent interest rate increases from the Federal Reserve are not halting growth in real estate.”
Lower Mine Supply Helps Raise Prices
Copper futures recently hit an 11-month high of $9,164.50 a ton on the London Metal Exchange in response to …
Full story available on Benzinga.com
Copper prices have been on the rise recently, raising questions of what the commodity’s market might be saying about the broader economy.
Because of its wide industrial uses in automobiles, electronics and buildings, copper is often considered a leading economic indicator. Although recent price moves have been tied to short-term supply shortages, there is also a sense of cautious optimism about the broader economy.
Still, the economic outlook for China, the world’s biggest copper consumer, isn’t entirely clear. And interest rate cuts in the United States and Europe that might spur economic activity are still theoretical at this point.
That appears to be keeping copper market participants from piling into the metal, which remains well below its 2022 record high of a little more than $5 per pound in New York and $10,730 per metric ton in London.
“The recent rise in copper prices, which we expect to continue, is probably an early signal that the Chinese economy is getting back on track and the massive appetite they have for real estate is about to get back on track,” said Sean Casterline, a retirement plan consultant with investment advisory firm Delta Capital Management. “Copper’s recent price movements should lend confidence to investors that the global economy is on good footing and that the recent interest rate increases from the Federal Reserve are not halting growth in real estate.”
Lower Mine Supply Helps Raise Prices
Copper futures recently hit an 11-month high of $9,164.50 a ton on the London Metal Exchange in response to …Full story available on Benzinga.com Read MoreAsia, COPJ, COPP, Copper, COPX, Expert Ideas, FCX, FQVLF, ICOP, mining, NGLOY, SCCO, Stories That Matter, TECK, USGDF, Commodities, Top Stories, ICOP, FCX, US35671D8570, SCCO, US84265V1052, COPX, US37950E8619, FQVLF, NGLOY, TECK, USGDF, COPJ, COPP, Asia, Commodities, Top Stories, Benzinga Asia
