Kitco copper

Oversupply weighing on near-term prices of copper on the Kitco copper Metal Exchange LME has created record discounts against longer-dated contracts and an opportunity for Asian buyers to purchase the metal cheaply, kitco copper, traders said. These discounts are being used by Asian buyers to negotiate lower prices with sellers of the metal used to make wire cable for the power and construction industries.

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Kitco copper

LONDON, Jan 23 Reuters - Funds are adopting an increasingly bearish stance in the copper market, preferring to focus on a globally weak demand picture rather than signs of supply-chain stress. Money manager positioning on the CME's copper contract has swung from net long at the start of the year to the largest net short since the middle of The positioning pivot has played out against early-year price weakness. A string of mine supply hits has caused analysts to revise down their expectations of surplus this year, but copper's micro dynamics are being overshadowed by a gloomy macro picture. Money managers flipped between net long and net short on the CME copper contract several times last year as they tried to navigate choppy range-bound price action. Funds were net long of CME copper to the tune of almost 15, contracts at the close of December. However, the new year has brought about a collective re-assessment, net positioning shifting decisively to the short side in the first half of January. The net short amounted to 25, contracts as of the close of business a week ago, the largest bear bet since July Outright long positions have been pared to 44, contracts, the lowest since June last year, while fresh selling has lifted outright short positions to 69, contracts from 45, at the end of December. Treatment charges levied by smelters for converting mined concentrates into refined copper have been falling fast as availability tightens. The closure of First Quantum's FM. TO , opens new tab Cobre Panama mine in December has opened up a hole in the raw materials supply chain.

The opinions expressed here are those of the author, a columnist for Reuters.

The California-based company, KoBold Metals, said the reserve will be the "world's biggest high-grade large copper mines. Copper, chemical symbol Cu, is a shiny, red-orange metal that has a wide range of applications. The price of copper is primarily driven by the availability of substitutes, the global supply and demand ratio, and emerging markets such as India and China. Copper is soft, pliable, malleable, and conductive. The metal was initially used exclusively in its pure state but was later used in the production of other metal alloys. Although it has similar properties to gold and silver, copper is significantly cheaper.

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage often exclusive of important industry events and analyses of market-affecting developments. Kitco News - After a disappointing , the copper market should see a better new year as demand continues to outweigh dwindling supply, according to one mining executive. In an interview with Kitco News, Warwick Smith, CEO of American Pacific Mining Corp, said that although gold has been attracting a lot of attention after hitting all-time highs, he expects copper to take more of the spotlight in the next few years as supply remains a significant issue. Smith said with the growing electrification trend, it's difficult to overstate how much copper will be needed to meet future demand. The company recently reported significant results from its drill program, showing high-grade copper mineralization. Meanwhile, the company continues to work with Rio Tinto to develop its flagship Madison property, a copper-gold project in Montana. Under a joint venture agreement, the exploration costs will be covered by Centerra Gold Inc.

Kitco copper

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Asian buyers profit from record discounts for near-term LME copper. But many buyers managed to settle contracts using an average price of the month when the copper arrives at their operations. The global copper supply is fueled by mining and recycling of copper products. We deeply value your patience and commitment to staying informed with us. Kitco Metals Inc. Thank you for your continued trust. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. A string of mine supply hits has caused analysts to revise down their expectations of surplus this year, but copper's micro dynamics are being overshadowed by a gloomy macro picture. Kitco Metals Inc. SA , opens new tab has seen analysts take the red ink to their medium-term supply forecasts.

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity.

Thank you for your continued trust. The global copper supply is fueled by mining and recycling of copper products. The closure of First Quantum's FM. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. This article is strictly for informational purposes only. Our team is diligently working to restore and stabilize all website functions, including these essential features. Outright long positions have been pared to 44, contracts, the lowest since June last year, while fresh selling has lifted outright short positions to 69, contracts from 45, at the end of December. Neils can be contacted at: 1 ext. Money manager positioning on the CME's copper contract has swung from net long at the start of the year to the largest net short since the middle of Change The CBB's latest analysis of fourth-quarter data shows "national revenue and profit growth sliding into year-end, as did investment, hiring, sales volumes, output, and both domestic and foreign orders". More from Kitco Mining. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. Business Insider 14 hrs ago. Silver