Global copper prices rose to a two-month high as Chinese reserves fell
reported by Mehr Reporter Copper futures rose to more than $4.42 per pound on Friday, hitting a two-month high and on track for a second straight weekly gain. The metal has been strengthened by efforts to restock and reduce inventories in China. China’s refined copper imports hit a 13-month high in December, while Shanghai inventories fell significantly to 74,000 tonnes last month.
Optimism over economic support measures in China to boost consumption, coupled with expectations of further interest rate cuts in the United States, have further bolstered the demand outlook for copper.
On the supply side, Chile revised its copper production forecast and now expects to produce 5.54 million tons by 2034, up from a previous forecast of 6.34 million. tons has decreased.
The graph below shows the monthly changes of silver since 1990 and we clearly see that the price of copper is approaching its historical ceiling.
