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Copper Prices Climb to Five-Month High

June 30, 2020
Copper prices hit the mid-year mark with some steady gains.

John Gross, publisher of The Copper Journal, tracks copper pricing as closely as anyone in the country, and he says the red metal is on the move. Gross says copper has “made its sixth consecutive weekly advance, gaining almost 6¢ during the latest period, and taking it to a five-month high.”

“In fact, after falling to an intraday low of $1.99 three months ago, Big Red has made a stunning 70¢, or 35% gain to $2.70 last week,” he says. “Now, the challenge will be to get back over $2.70, but this may take some work, as copper was overbought two weeks ago, and is now even more so.

“That said, inventories held in exchange warehouses fell another 22,000 mt last week, with Shanghai stocks now below 100,000 mt, a level not seen since Jan. 2019. What will happen when the shelves are bare?”

For information on how to subscribe to The Copper Journal, contact John at [email protected]