Copper back over $10,000/t

COPPER’S time below US$10,000 per tonne turned out to be short-lived.
Copper back over $10,000/t Copper back over $10,000/t Copper back over $10,000/t Copper back over $10,000/t Copper back over $10,000/t

After selling pressure this week, the red metal rebounded by 0.5% to $10,031.50/t.

Preliminary data from the International Copper Study Group indicated copper mine production in the first two months of 2021 rose 3.5%, refined production rose 2.9% and apparent refined usage rose 1.7%.

"In the first two months of 2021, the world refined copper balance, based on Chinese apparent usage (excluding changes in unreported stocks), indicated a surplus of 130,000t," the ICSG said.

"The world refined copper balance adjusted for changes in Chinese bonded stocks indicated a market surplus of about 140,000t."

Lead, zinc and tin were also positive overnight, while nickel and aluminium fell.

Iron ore prices were weaker.

Gold was relatively steady at $1877 an ounce, while silver dipped back below $28/oz.

After falling as low as $38,336, Bitcoin rebounded back to about $40,400.

US and UK stocks rose 1% and ASX futures were 27 points higher.

Updated: 21-05-2021