Just yesterday, LME copper prices soared, breaking through the nearly nine-and-a-half-year high since September 2011 to 9269 US dollars /ton.
Copper prices continue to move higher today. At the same time, New York COMEX copper futures prices also rose to their highest level since August 2011.
The surge in copper prices has led to a strong rise in the entire non-ferrous sector, and even the strength of steel, coal, and chemical sectors including nylon, acetic acid, PVC, etc.
The main reason is that global investors continue to be optimistic about the prospects for demand recovery against the backdrop of the epidemic easing and economic recovery. The world's major economies have increased investment in infrastructure, and the US Texas power grid was damaged in the snowstorm and needs urgent repairs. The demand for copper has continued to increase. This has created a huge gap with the unsatisfactory operating rates of mining facilities in major producing countries that have been affected by the epidemic and natural disasters, exacerbating the situation of shortage of supply.
Although copper prices did not continue to hit new highs today, institutions believe that the current price is not the peak. The price of copper at the end of the year is expected to rise further to 12,000 US dollars . And not only copper, but other basic metal prices, as well as related commodities such as iron ore , etc., will continue to record a bull market during the year.
html On December 23, the Shanghai futures Exchange designated delivery warehouse futures daily warehouse receipts showed: Shanghai copper futures national warehouses totaled 53,975 tons, and today's warehouse receipts increased by 4,993 tons; Shanghai aluminum futures national warehouses totaled 108,188 tons. , today's warehouse receipts increased by 471 tons; Shanghai zinc futures national warehouses totaled 28,822 tons, and today's warehouse receipts increased by 4,891 tons; Shanghai lead futures national warehouses totaled 34,658 tons, and today's warehouse receipts remained unchanged; Shanghai nickel futures national warehouses A total of 12,250 tons, and today's warehouse receipts increased by 29 tons; Shanghai Tin futures national warehouses totaled 7,342 tons, and today's warehouse receipts increased by 98 tons; rebar national warehouses totaled 78,669 tons, and today's warehouse receipts did not change.
