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Copper Prices Spike 33%+ YTD, Marking Sharpest Rally in 16 Yrs; Analyst Predicts Structural Shortage Starting Next Yr
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Commodity prices remained robust, with silver prices initially notching a record high this morning (29th) before ebbing. Copper prices have repeatedly reached new highs since October, propelled by a combination of factors including US tariffs, supply disruptions (major accidents at three large global copper mines), and concerns about global shortages. This month, copper prices even rose to over US$12,000 per ton, a record high, and have accumulated a gain of over 33% YTD, the sharpest increase since 2009 (when prices skyrocketed over 140% given recovery from the financial crisis). Numerous market participants expected a structural shortage of copper supply starting next year, Financial Times quoted Alastair Munro, a base metals strategist at financial services firm Marex, as saying. JIANGXI COPPER (00358.HK) touched a record high of HK$41.98 during trading today (29th). It last stood at HK$41.08, up 10.31%, with a turnover of HK$1.531 billion. Other stocks rising included MMG (01208.HK), up 2.3%, CHINFMINING (01258.HK), up nearly 3%, and CDAYENONFER (00661.HK), up 11%. ZIJIN MINING (02899.HK) remained sturdy, while CMOC (03993.HK) lost 1.2%. AASTOCKS Financial News Website: www.aastocks.com |
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