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‘Copper is the new oil,’ and prices could soar 50% as AI, green energy, and military spending boost demand, top commodities analyst says Jason Ma May 19, 2024 at 3:39 PM
Freeport's (FCX) profitability is expected to have boosted by higher average realized price for copper in Q2.
BHP wants Anglo's prized copper assets in Chile and Peru. Its $49 billion, or 31.11 pounds sterling ($39.38) a share, attempt failed in May, but BHP did not rule out a renewed offer.
For each commodity they quote a range (low and high price) which reflect the buying and selling about 9-fold due to China's transition from light to heavy industry and its focus on manufacturing. [2] China became the world's largest consumer of iron ore in 2003, [ 3 ] and accounts for over half of global metal consumption.) [ 4 ]
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In November 2020, The Daily Telegraph referred to Currie as the "world's most followed energy guru" and reported on his convictions on a new commodity supercycle. Currie predicted Brent prices to reach $65 in the last quarter of 2021. [21] Then, at the end of 2020, Currie argued that a long-lasting bull market for commodities had started. [22]
Despite the small share of physical copper associated with LME Copper contracts, their prices act as reference prices for physical global copper transactions. [5] This practice started in 1966, when Zambia, Chile, and most Copper-producing countries abandoned fixed price copper contracts, and announced that they would set copper contract prices based the average monthly price of the nearest ...
Price of copper. The price of copper rose through 2021 and peaked close to $5 per pound in Q2 2022 before retreating. Copper demand is expected to double from 25 million metric tonnes in 2022 to over 50 MMT by the year 2035. [33] The pandemic significantly increased the long-term equilibrium volatility of returns in the copper futures market ...