Posted on 04/26/2021 9:51:36 AM PDT by blam
Copper futures hit their highest levels in ten years on Monday as several factors, including supply concerns, a weaker dollar, the Biden administration's plan to improve infrastructure, growth in renewable energy, and China's increasing demand, continue to fuel expectations of higher demand for the industrial metal.
The dollar continues to edge lower Monday amid speculation Federal Reserve Chairman Jerome Powell will not announce tapering at this week's meeting, fueling higher copper prices.
Meanwhile, traders are concerned about supply due to a strike in Chile.
ο "We are in for a good run higher as we are having supply issues. Chilean port workers threatening to strike, which is a short-term issue, but will cause some trouble for shipments into China in an already tight concentrate market," commodities broker Anna Stablum of Marex Spectron told Reuters.
"We are seeing some concerns about supply cuts in China due to environmental pressures," Stablum added.
The resilience of copper prices suggests industrial use for copper in China continues.
The push for a massive infrastructure overhaul in the US has provided support for copper. The Biden administration proposed infrastructure investments of hundreds of billions of dollars to fuel growth in renewable energy.
When it comes to renewable energy, copper plays a huge role in renewable energy technology, given its conductivity characteristics.(Electric cars use 7 times more copper than gasoline cars)
On top of renewables, a shift towards a digital economy and rising demand for electronics to support the remote work lifestyle adds additional support to copper prices.
"Technology, semiconductors, data centers, and cellular towers all require significant copper usage," Rob Haworth, senior investment strategist at US Bank Wealth Management, told MarketWatch.
Meanwhile, "we have not seen an investment in new copper supply over the past few years, which means users have been competing
(snip)
(Excerpt) Read more at talkmarkets.com ...
"The term Doctor Copper is market lingo for this base metal that is reputed to have a "Ph.D. in economics" because of its ability to predict turning points in the global economy. Because of copper's widespread applications in most sectors of the economy β from homes and factories to electronics and power generation and transmission β demand for copper is often viewed as a reliable leading indicator of economic health. This demand is reflected in the market price of copper."
Between that and the price of plywood going off the rails, the cost of a new home or remodeling will be astronomical!.................
Dr.Copper at 10 year high isnβt as meaningful in an era of commodity inflation with $59.00 19/32 OBX.
Not many people using copper for plumbing anymore, even through it’s still the best.
I think block walls are cheaper than stick frame at this point.
I’ve got lots of oak trees. I ought to make a sawmill.
Portable sawmills are the big thingy nowadays...............
Copper is still used in wiring..................
How much Pelosi invest>
Racism.
We had one. They work pretty well, but lumber is rough fro it. Course one could have it planed down, but it’s extra cost. The mills are also a lot of work to maintain, a bit expensive if you have your blades done professionally. We always sharpened our own, (bought a blade sharpening rig for the mill), but it was time consuming.
In the long run though we saved a ton of money on the rough lumber we needed for barns and outbuildings, like sheds, storage buildings etc. And we didn’t mind the time it took to cut the ,umber, maintain the blades, the engine etc. Was kinda fun actually.
They seem to be pretty popular. One was stolen here last summer from a job site.....................
That’s not a good area to harvest copper.
Karma?................................
Someone tell the headline writer that copper futures aren’t copper.
I know a Nurse who works in small 25 bed hospital...in a small town.
There are camera's everywhere...outside / inside....
She left to go home...and her Ford Expedition..sounded like a something she never heard.
Found out...her catalectic converter was stolen...
Took like 5 minutes...to saw it off..and cart it off.
I don't know if the Cops solved the case...as of now.
I think their last words were, “You’ll never take me alive, Coppers!”
Your old copper penny’s are worth about 3 cents melt value. Canadian penny’s are worth more.
And, more and more ammo!
That is horrific on many levels. How does one not basic safety around high voltage lines? Sub 80 IQs?
I think we had a better understanding of electricity at a very young age growing up around electric fences.
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