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Copper heading for two-year highs

Copper prices were heading to two-year highs on Tuesdayas attention once again focused on supply shortages and hopes of stronger demand in top consumer China, where authorities are planning new measures to shore up the economy.

The reference copper on the London Metal Exchange (LME) rose 0.8%, to US$9,986 per ton, after touching US$10,118. Last week prices reached a two-year maximum of US$10,208.

”This all has to do with future supplies, or with the lack of them“said one operator, adding that the BHP bid for Anglo American It has to do with copper and that Chinese buyers have returned to the market after last week’s holidays.

Analysts predict supply deficits this year and beyond, as demand accelerates. demand for electric vehicles and new technologies such as artificial intelligence and automation.

An eventual union from BHP and Anglo American would create an entity that would control 10% of the world’s copper supply, surpassing Codelco and Freeport-McMoRan.

Last week, China’s top decision-making body said that will intensify support for the economy with prudent monetary and proactive fiscal policies, including interest rates and banks’ reserve requirement ratios (RRR).

The operators claim that the news that the chinese city of shenzhen is relaxing restrictions on home purchases in some districts, in an attempt to boost the real estate market – a large consumer of industrial materials – it had also boosted the appetite for LME copper.

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