In today’s briefing:
- Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term
Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term
- Inventory depletion across the LME and SHFE continued as copper prices breached the 10k USD level to end the week 3.7% higher.
- The COMEX-LME spread breached $1,000/ton again, leading us to be confident that there will be a further rally in the short term.
- We see an easy journey to 11,000 USD/ton on a weaker dollar, stronger COMEX premiums, depleted inventory levels, and lower-than-expected global production.
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