Copper Prices on the Rise! 📈
Copper prices have risen significantly recently.
Tight Supplies:
a) The closure of Canadian miner First Quantum's copper mine in Panama has contributed to supply constraints.
b) Inventory levels in London Metal Exchange warehouses are at a historic low. Check out the details here: Link to Inventory Levels
Strong Demand Prospects:
a) The demand for copper is booming, especially from energy transition applications like electric vehicles, data centres for artificial intelligence, and automation.
b) China's economy has bottomed and started expanding. The demand is only expected to grow further.
With these factors driving copper prices upwards, I think we might be seeing a market set-up similar to 2021.
