• 7 days Visa, Mastercard Slump Amid Covid Worries, Regulatory Outlook
  • 7 days 3 Biotech Stocks Wall Street Loves This Quarter
  • 12 days Fintech Goes “Green”, Joining $30T ESG Boom
  • 13 days U.S. Cargo Theft Spikes Amid Huge Supply Chain Snarl Ups
  • 14 days Buybacks Are Back, But New Taxes Could Dull the Party
  • 15 days Don’t Be Fooled By Musk’s Twitter Performance
  • 20 days 3 Healthcare Sector Stocks to Watch Right Now
  • 21 days More Trouble Ahead for Supply Chain as Hackers Descend
  • 23 days Saudi Arabia To Invest $64 Billion Into Becoming A New Global Cinema Hub
  • 26 days The Cryptic Squid Strikes, Netting Scammers Nearly $4M
  • 26 days October Jobs Impress but Inflation Threatens Recovery
  • 27 days Another Round of ‘Meme’ Stocks Coming Our Way?
  • 28 days 2021’s Black Friday Bummer
  • 30 days Buy-Now-Pay-Later Is A Huge Threat to Credit Cards
  • 33 days Microsoft Passes Apple As World’s Most Valuable Company Amid Stellar Earnings
  • 34 days 3 IPOs from Big to Small Coming Our Way
  • 35 days Robinhood Investors Balk at ‘Meme’ Growth
  • 36 days $12M Seized in Massive US-Dubai Money-Laundering Raid
  • 37 days China Launches Digital Yuan As U.S. Dallies
  • 39 days ‘Unicorns’ Are Now Small Fry in the Era of ‘Decacorns’
Oil Demand Falters On New Wave Of Lockdowns

Oil Demand Falters On New Wave Of Lockdowns

Road traffic and transportation fuel…

A Looming Decision From The Fed Could Send Gold Soaring

A Looming Decision From The Fed Could Send Gold Soaring

The European Central Bank (ECB)…

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