Copper eyes $10,000 level again – ING
LME Copper is nearing $10,000/t again, as the metal did earlier this month, on signs of improving demand in China. Prices surged past $9,920/t in yesterday’s trading.
China has been the top destination for US Copper scrap exports
"Chinese Customs data earlier this month showed imports of refined Copper jumped 15% in June from the previous month. China’s imports of US Copper scrap slumped to the lowest in 21 years last month, with a 50% tariff on Copper set to take effect in two weeks. Shipments plunged below 2,000 tonnes. This is down from 14,023 tonnes in May and below the monthly average of around 36,600 tonnes last year, Chinese customs data show."
"The US is a net exporter of Copper scrap, and China has been the top destination for US exports. Questions remain about the details of the upcoming Copper tariffs. There are still no details on whether the duties would apply to all Copper products or whether there will be any exemptions. For example, aluminium scrap is excluded from the latest tariffs."
"In other metals, iron ore jumped to a five-month high on China’s announcement of a mega hydropower dam to be built in Tibet. It’s expected to boost demand for industrial metals. Prices were also lifted amid supply-side reforms for China’s steel industry."
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FXStreet Insights Team
FXStreet
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