Copper prices have soared, this is not because the economy is booming.
Copper metal, commonly known as Dr. Copper, because its performance is often used to measure the health of the overall economy. Since mid-March, it has soared by a staggering 45%. Although the International Monetary Fund has lowered its global forecasts, and the new crown epidemic has risen again, forcing governments around the world to re-impose closure measures that are detrimental to their operations and rebounded alarmingly.
Copper's rise was mainly due to concerns about tight supply from major producers in South America.
Chile is the world's largest metal producer. Thousands of copper workers in Chile fell ill, accounting for more than a quarter of global supply. The outbreak delayed unnecessary activities and reduced labor to ensure worker safety without giving up excessive output. The infection also slowed the recovery of the mining industry in Peru (the second largest producer).
At the same time, Chinese demand is recovering, and factory production picks up in the second quarter.
Bill O'Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said: "We are seeing quite good demand and some production cuts. But we will see global demand for copper within 6 to 12 months in the future."
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