• 253 days Will The ECB Continue To Hike Rates?
  • 254 days Forbes: Aramco Remains Largest Company In The Middle East
  • 255 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 655 days Could Crypto Overtake Traditional Investment?
  • 660 days Americans Still Quitting Jobs At Record Pace
  • 662 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 665 days Is The Dollar Too Strong?
  • 665 days Big Tech Disappoints Investors on Earnings Calls
  • 666 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 668 days China Is Quietly Trying To Distance Itself From Russia
  • 668 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 672 days Crypto Investors Won Big In 2021
  • 672 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 673 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 675 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 676 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 679 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 680 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 680 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 682 days Are NFTs About To Take Over Gaming?
Gold Bulls Are Facing An Uphill Battle

Gold Bulls Are Facing An Uphill Battle

Last year proved to be…

U.S Targets Russian Gold Stockpiles

U.S Targets Russian Gold Stockpiles

In its latest round of…

Hawkish Fed Sends Gold Prices Crashing

Hawkish Fed Sends Gold Prices Crashing

The gold bulls are facing…

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