Copper prices today
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The ease of availability of these substitutes dramatically determines the prices of it. Iron, lead, and Nickel also are suitable substitutes for it in some industries. Substitution: Aluminum substitutes copper in power cables, electrical, and refrigeration equipment.As the amount in the market reduces, it pushes the prices up and vice-versa. Natural disasters such as earthquakes and landslides also slow down the output from mine. Events such as nationalizing the mining industry and labor strike lead to the disruption in the supply of it and thus push the prices high. The labor conditions and the political factors in the countries that are major suppliers of the copper play an essential role in determining the price. The political and environmental factors profoundly impact the costs of this base metal. Supply Disruptions: The factors affecting the supply of copper also affects its price.50% of the demand in the US comes from its housing market therefore, investors should pay close attention to the trend in the US housing market to predict future copper prices. Thus, the demand for housing in the US directly affects the demand for copper in the USS. US Housing Market: It is highly used in electrical wiring, roofing, plumbing fixtures, and insulation in the housing industry in the US.The slowdown in the economy hurts the price of the copper. As the demand increases, it further drives up the price. Emerging Market: Emerging markets needs for housing, transportation, construction, and infrastructure grows at a fast pace, and it, in turn, pushes the demand for copper.The following four factors are the primary determinant of its price:
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It has a wide variety of uses in various industries its prices reflect the strength of the economy. South America has the most considerable number of mines, and the highest production of refined copper comes from China.Īs the global economy has grown and the need for infrastructure has risen, it has resulted in the increased demand.
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Underground mines and recycled copper scrap are the principal sources of the global supply. Though it has extensive uses, it is still not viewed as currency, unlike gold and silver, and therefore it is not as expensive as precious metals. It is the best conductor of electricity after silver.Ĭopper enjoys the status of “highly in demand” as it is the 3rd most consumed metal after aluminum and steel.Ĭopper is used in the following industries: These qualities of copper have made it the most preferred metal for electrical wiring in the buildings. It is known for its strength, flexibility, and high resistance to corrosion. It is the first metal used by humans thousands of years ago. It is shiny and reddish-orange in appearance. The Department of Industry, Science, Energy, and Resources of Australia also expects the price of copper to rise sharply to $8,257 in 2021, with a slight decrease to $7,724 in the following two years and consequent growth to $8,876 by 2026.Copper is a soft, pliable and malleable metal.The IMF projects the growth of the copper price from an average of $6,174 per metric ton in 2020 to $8,313 in 2021, followed by a gradual decline to $7,600 per metric ton by 2026.The price is expected to decrease to $7,500 in 2022 and then grow to $8,250 by 2035. The World Bank estimated in its commodity forecast report that the spot price for copper will average $8,500 per metric ton by the end of 2021.Here are the copper price forecasts issued by each of the leading international agencies:
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It is the next most used metal after aluminum and steel in the construction, telecommunications, transportation, and automobile manufacturing sectors. The demand for copper is expected to rise further amid rising concerns about low copper inventories.Ĭopper is the most widely used metal in energy generation, transmission infrastructure, and energy storage. The copper price growth over the course of the past year was driven primarily by the high demand from China, the top copper consumer, as well as growing optimism about the overall economic recovery in view of COVID-19 vaccine rollouts. The average year-to-date price as of May 20 was $8,915, which means the forecasts do not reflect an expectation of further increases over the second half of the year. The consensus forecast from three leading sources (IMF, World Bank, and the Australian Government) for 2021 is $8,357. () Copper prices reached an all-time high of $10,512 per metric ton on May 9, marking a 130% growth since March 22, 2020.