• 4 hours Low Prices Plague Beleaguered Lithium Miners
  • 22 hours Is This The Big Biotech Bust?
  • 1 day Funding Is The Biggest Hurdle For Clean Energy
  • 2 days Walmart Reaches Out To Chilean Government For Protection
  • 2 days The Most Exciting Gold Find Of The Decade
  • 2 days Mining Boom Sparks Deforestation Concerns
  • 3 days The Cannabis Culling Has Wall Street Disappointed
  • 3 days Vigilante Offers $100,000 Bounty To Hack Banks
  • 4 days The Dairy Industry Is Dying
  • 4 days The Most Impressive Electric Vehicle Of The Year
  • 5 days Gold Miners Are Having A Stellar Second Half
  • 6 days How 3D Printing Is Turning Each And Every Industry On Its Head
  • 6 days Is The $3.5 Trillion Healthcare Industry About To Get Much More Transparent?
  • 7 days Gamblers Are Betting Big On Trump’s Impeachment
  • 7 days Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 8 days Will Bezos Buy The Seattle Seahawks?
  • 8 days 6 Tech Trends Transforming The Travel Industry
  • 9 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 9 days Trump Prepares For Another Key Tariff Decision
  • 9 days The Free Money Bubble Is About To Burst
Gold Miners Are Having A Stellar Second Half

Gold Miners Are Having A Stellar Second Half

The major gold miners just…

World's Largest Gold Miner Sees Profits Triple

World's Largest Gold Miner Sees Profits Triple

Canada’s Barrick Gold, the world’s…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Copper Prices Stabilize After 5-Day Decline

Copper

The price of copper declined for a fifth day in a row on Thursday despite trade data showing Chinese imports of the orange metal growing at a record-setting pace.

Copper for delivery in March hit a low of $2.7535 per pound ($6,070 a tonne) in early trading on the Comex market in New York, down more than 3 percent in a week.

China consumes half the world's copper, and trade data released on Thursday showed the country's copper imports were up sharply in January.

On an annualized basis concentrate imports could exceed 22m tonnes in 2019, beating the record set last year

Shipments of unwrought copper came in at 479,000 tonnes last month, up 14 percent from December and nearly 9 percent from a year ago. At the current pace, annual imports of refined copper are on course to top 2018's record 5.3m tonnes.

Imports of copper concentrate surged 17 percent from a year ago to 1.9m tonnes last month. January cargoes were the second-highest monthly total on record and on an annualized basis concentrate imports could exceed 22m tonnes in 2019, beating the record set last year of 19.7m tonnes.

China put in place a complete ban on certain types of scrap copper imports at the start of 2019 on top of a 25 percent tariff on imports from the United States, one of its main suppliers, instituted in August.

Copper has declined by 17 percent from its June 2018 high over worries of a slowdown in China and the impact of a trade war with the US, but the longer term prospects for the metal remain rosy.

A panel of analysts polled by FocusEconomics sees copper averaging $6,500 a tonne in the final quarter of 2019, before rising to $6,824 a year later.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment