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Market Update: Copper Extends Losses to Near 2-Month Low
Copper futures extended losses to $4.3 per pound, a level not seen since April 23rd, amid Chinese plans to release national reserves of major industrial metals to tame rallying commodity prices powered by a resumption of global economic activity. Chinas National Food and Strategic Reserves Administration said it plans to sell its reserves of copper, aluminum, and zinc in batches in the near future to ensure the supply and price stability of bulk commodities. Still, copper prices remain close to an all-time high of almost $4.9 per pound in the second week of May, as trillions in dollars of economic stimulus to support post-COVID recovery including funds for infrastructure and for transition to a carbon-free world, boosted demand. At the same time, lack of investment by big mining companies and a slowdown in production during the height of the covid outbreak last spring brought inventories to levels not seen in fifteen years. [/s2If]
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