Copper, zinc edge up to highs

METALS were mostly in positive territory midweek as oil jumped.
Copper, zinc edge up to highs Copper, zinc edge up to highs Copper, zinc edge up to highs Copper, zinc edge up to highs Copper, zinc edge up to highs

Staff Reporter

Gold was steady after the Federal Reserve meeting wound up, trading at $1970 an ounce.
 
Zinc was the best mover of the base metals, rising back over $2500 per tonne and about $23 off its 2020 high.
 
Copper also edged higher but couldn't quite crack the $6800/t mark.
 
Citi suggested ‘phase one' of a typical copper/metals bull market may not yet be over.
 
"For the next month or so, substantial election uncertainty, concerns about winter flu/COVID-19 outbreaks, and broader concerns about consumer activity are likely to keep discretionary investors from going ‘all-in', and copper is likely to range trade between $6600-6900/t in our view," the bank said this week. 
 
"However, as early as late October, early November, vaccine news and a clear US election result could take speculative positioning and copper prices another leg higher, even in the absence of a supply versus demand deficit. 
 
"In any case, we are very unlikely to enter phase two of a ‘typical' copper bull market - where a deficit market develops and drives prices higher despite flat to falling positioning - until next year, if we enter it at all. As such, until then copper is set to be at the whims of market sentiment and resulting changes in copper net speculative positioning."

 

topics

loader