Copper futures in the US rose past $4.1 per pound in mid-April,...

Copper futures in the US rose past $4.1 per pound in mid-April, approaching their highest level since March 1st amid a weak dollar, expectations of elevated demand, and persistent concerns of low supply. Strong credit growth in China underscored Chinese authorities’ goal of stimulating infrastructure construction. In the meantime, data from the London Metal Exchange showed inventories fell to 56,000 tonnes, the smallest amount since 2005. The development tracked stocks at the Shanghai Futures Exchange, which lost over one-third since their peak in February. To add, Chile’s state-owned Codelco said the output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices at a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project a global shortage of visible copper inventories by September.