Copper retreated overnight closing at US$4.54/Ib Note: Overnight...

Copper retreated overnight closing at US$4.54/Ib

Note: Overnight copper reached a new 12 month high of US$4.69/Ib before the retreat started. Back on 23rd Oct'23 copper hit a new low of US$3.52/Ib. However since then the realisation of a major copper deficit has seen the copper price increase by 33.2% to last night's new high of US$4.69/Ib.

Underpinning the copper price rise is the huge increase in contracts written. Back on 13th Mar'24 the moving 65 day average for contracts written was 76,616 contracts. Last night there were 104,676 contracts written, approximately 37% above the quantity just 7 weeks ago.

There is no doubt there has been a seismic move in the copper price over the last 6 months and that is to the benefit of Aeris resources.

Gold retreated over night to close at US$2,291/0z

Zinc retreated overnight to close at US$2,905/tonne

Cheers.......D