Wednesday, February 24, 2021

The price of copper rises to its highest level in ten years


In anticipation of an economic upturn, raw material prices are rising. Copper is also in demand for a long time. The price for the metal is now at the level of 2011. So that the metal is also more interesting for thieves.

The soaring of many metal prices continues. On Monday, the price of a ton of copper on the London commodity exchange rose to around $ 9,270. That is the highest level in about ten years. The record high from 2011 of just under 10,200 dollars is therefore increasingly within reach. The price of nickel exceeded the $ 20,000 per ton mark for the first time in about seven years.

The current price rally on the raw materials market, especially for many industrial metals, is based on the hope that the economy will improve. The triggers are corona vaccinations in many countries and the associated prospect of fewer restrictions on public life.

Copper in particular is considered a global economic barometer due to its versatile production use. In addition, for many raw materials there is a scarce and rather rigid supply that cannot be quickly expanded in the event of economic improvement.

Copper thieves strike again and again

“It looks as if the market participants want to push the price on the bend and break to a new record high,” commented raw materials expert Daniel Briesemann from Commerzbank. One reason for the price rally is also to be seen in some high price forecasts. Recently, for example, the large US bank Citigroup said that the price of copper of $ 10,000 was a matter of time.

“In our opinion, however, the price was and will be driven heavily speculatively,” added Briesemann. The background is the flood of liquidity from many central banks. The flood of money, with which the central banks stabilized the financial markets in the corona pandemic, is also pushing the raw material markets.

How popular copper is and how worthwhile it is to sell can also be seen on German construction sites. Time and again, building owners report large and small amounts of theft. Most recently, the police even arrested several men who are suspected of stealing copper from the copper recycler Aurubis. Often, so the suspicion of investigators, the thieves hawk their loot abroad.





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