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Gold is Great. Copper is Even Better.Copper and gold have been...

  1. ameliustag
    3,013 Posts.
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    19/05/24
    13:28
    Post #: 73899986
    https://hotcopper.com.au/data/attachments/6181/6181739-925f22b2609631ea6cf623a01bb6ba86.jpg

    Gold is Great. Copper is Even Better.

    Copper and gold have been winning bets as both the industrial and precious metals notch big gains this year. Copper faces some technical trading hurdles, though, and it may pay to wait for a pullback before buying.

    Copper is having a great run. Front-month futures in New York are pricing copper around $5 per pound, up more than 25% since the start of the year.

    Gold is up around 16% this year and traded over $2,400 per ounce on Friday, up 0.9%, based on spot prices.

    Several forces are fueling copper’s run, including demand trends like utilities that are upgrading grids, usage for electric vehicles, and home-building. Energy demand for data centers running AI apps and servers is also lifting demand for copper.

    There’s also a supply squeeze with the U.S. awaiting shipments of copper from South America and Australia. COMEX copper prices may keep rising until shipments of the metal used in the U.S. power and construction industries arrive from South America and Australia.

    Technical factors are lifting copper too. Commodity traders who had taken out large short positions are scrambling to buy physical copper on U.S. exchange CME, according to news reports. Traders who had taken those positions had bet against prices rising. Now that those bets have gone wrong, they must deliver the physical commodity. (Microsoft Start 19th May 2024).
    Bloomberg Article (21sts February 2021- Maybe they will get it right very soon?)

    Copper could surge above a record to $12,000 a ton in 18 months on new demand from green initiatives, a leading metals trader said, giving one of the most bullish forecasts yet for the metal.

    The bellwether material has already since a nadir in March to reach a nine-year high, and is roughly 7% below the record of $10,190 set in 2011 as bets on an economic recovery and tighter supplies entice investors. But current prices would seem “far too low” if governments fulfill pledges for green infrastructure.
    I hope Mr. Bill Beament keeps the ball rolling with a few great announcements in the next month or two?
    Keep up the great work Bill anyway in the meantime at the mine.

    DVP Price at posting: $2.34 Sentiment: Buy Disclosure: Held
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