Copper could rise above to new record highs above $12,000 – Concord Resources
|Concord Resources Ltd, a leading trading house, says new demand from green initiatives could propel copper to fresh record highs above $12,000 per tons over the next 18 months.
An article published by Bloomberg quotes Concord's CEO Mark Hansen as saying that, "People need to be aware of the potential for a changing paradigm in terms of pricing. "In copper, the market is not yet pricing in the addition of potentially millions of new tons of copper demand over the coming decade."
While copper has doubled in the past 11 months to set a nine-year high of $9,260, it is still down 10% from the record high of $10,190 reached in 2011.
The relentless rally in the metal, widely considered a barometer of the global economy's health, has boded well for the Australian dollar.
AUD/USD clocked a high of 0.8007 earlier this week – the highest level since January 2018.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.