Copper's price rally stretches higher as China stocks, US data harden bull convictions

February 13, 2021 / www.metalbulletin.com / Article Link

China's copper traders did not want to wait until after the week-long holidays to buy the metal.

Wednesday February 10 saw a raft of orders in the London Metal Exchange overnight market, sending volumes well over regular levels as Chinese institutions and traders sought to lock positions ahead of the Lunar New Year.
The injection saw copper's price trade at fresh eight-year highs over $8,300 per tonne this week, at a time when markets were beginning to waver over the metal's future prospects having undergone a demand-driven rally of 90% since last March.
Open interest for trading copper on China's Shanghai Futures Exchange rose by 8% ahead of the holiday, Citi metals analyst Oliver Nugent told Fastmarkets.

"It's pretty remarkable; these investors put length on at a time when they can't move that position or trade it for a...

Recent News

Gold stocks lead the large cap miners by far over H1/25

July 07, 2025 / www.canadianminingreport.com

Gold stocks up as the metal price and equities gain

July 07, 2025 / www.canadianminingreport.com

Mixed outlook for gold as it remains range bound for past three months

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on flat metal price

June 30, 2025 / www.canadianminingreport.com

Gold stocks down on metal decline

June 23, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok