According to the Economic News Agency, the global copper price yesterday again rose to the threshold of $ 8,000 per ton, the main reason for which is the reduction of global copper supply and strengthening demand in Chinese markets.
Combined statistics from the London, Shanghai and US stock exchanges show that the stock of copper stocks in this complex is within the minimum level of 6 years and is equivalent to 300,000 tons, and the demand for copper is strong and the stocks are declining.
The rise in world copper prices comes at a time when the price experience is unprecedented since 2013, and this time due to a jump in Chinese demand after the Corona virus, the price of red metal has experienced unprecedented growth.
The Commodity Exchange Commission said in a report that the buying position of copper on the Chicago and New York Stock Exchanges is still rising and the net purchase contracts during the week ending December 18 reached 80,000 contracts. This is while last week’s net purchase contracts were 79,900 contracts and this week has been an increase.
It seems that the $ 8,000 spot for copper prices could play a strong resistance as the net increase in buying positions this week has been negligible compared to last week and the number of futures contracts seems to be increasing.
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