Copper, the Red Metal
Since last publishing the LME Historical Prices back in March 2021, Elmeridge has taken a closer look at the copper market.
Between 12th March 2020 and 24th March 2020, copper was at $4900 dollars per metric tonne. We see from the new graph below that copper has peaked at $9800 per metric tonne and has stayed in the $9000’s on a mean average throughout 2021.
It is now on a steady increase; copper has risen by approximately 21% during this year.
The world is at risk of running out of copper amid a widening and greater demand, along with a broader economic recovery, demand for copper is also being boosted by its vital role in a number of rapidly growing industry sectors, such as electric vehicle batteries and semiconductor wiring. Greener initiatives create a higher demand for this red metal (copper).
Political instability in Chile, where much of the world’s copper is mined, this will also contribute to this increasing problem. China is stockpiling its copper to obtain higher prices and greater profits, this only means one thing, higher copper prices for the future.
Prices are predicated to hit an all time high of $20,000 dollars per metric tonne by 2025. To avoid likely price increases it is strongly advised that you place any orders at the earliest opportunity.
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