Copper Prices Approach $10,000 per Ton Amid Concerns About Supply

Copper prices approach $10,000/ton amidst supply concerns & growing demand. Explore the latest trends in industrial metal markets.

Apr 22, 2024 - 11:39
Apr 22, 2024 - 11:40
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Copper Prices Approach $10,000 per Ton Amid Concerns About Supply
Copper Prices Approach $10,000 per Ton Amid Concerns About Supply

Copper is getting closer to hitting $10,000 per ton, marking its highest price in two years. Investors believe that miners might struggle to keep up with the growing demand for this essential metal used in industries.

In recent weeks, prices for metals like copper have been going up. Copper started the week strong at $9,988 per ton. This increase is because factories in countries like the United States and China are making more things. But there are worries about problems in the world and how governments control money that might affect these prices.

The price jump for copper started when big mines had problems making enough copper. This made companies that turn copper into usable metal look for other places to get it. Even though China usually doesn't need as much copper this time of year, people are hopeful that factories around the world will start making more things again soon.

Experts at Citigroup Inc. say that what happens next with copper prices depends on the data we get and how each metal is doing. They think copper prices will keep going up for the next three months because it's getting harder to find copper and people are buying it more. But other metals might not do as well.

Even though people are worried that the government might change how much money they print, copper prices keep going up. Last week, big companies like Glencore and Trafigura took a lot of metal out of storage, which made the amount of copper left for sale go down.

On Monday, copper prices went up by 1.1% to almost $10,000 per ton before going down a bit to $9,861 later. Other metals didn't do as well, with zinc prices dropping by 0.7% and tin prices falling by 2.4%.

Also Read: Gold Reaches Record High Before Key U.S. Inflation Data Release

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