Copper climbs to highest since May as LME stockpiles plunge
Jun. 22, 2023 8:23 AM ET Global X Copper Miners ETF (COPX), CPER, HG1:COM FCX, SCCO, BHP, TECK, JJCTF, VALE, RIO, HBMBy: Carl Surran, SA News Editor
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Copper prices hit a seven-week high Thursday as inventories on the London Metal Exchange dropped sharply and the prospect of additional stimulus in China underpinned the demand outlook.
Readily available inventories in warehouses tracked by the London Metal Exchange fell 38% to 30,125 tons, the lowest level since October 2021.
According to Reuters, LME benchmark copper ( HG1:COM) recently traded +0.8% at $8,675/metric ton after touching its highest since May 2 at $8,711.50 and breaking above the 100-day moving average of $8,696.
ETFs: (NYSEARCA: COPX), (NYSEARCA: CPER), ( JJC), ( JJCTF)
Potentially relevant stock tickers included ( FCX), ( SCCO), ( TECK), ( HBM), ( BHP), ( RIO), ( VALE)
A weaker dollar also is supporting base metals prices, with LME lead and tin reaching their best levels since January 30 and April 19, respectively, while aluminum, zinc and nickel also rose. |
