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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]

About the Author

John Gross | President

John Gross is president of J.E. Gross & Co., Inc, the management consulting firm he established in 1987. In addition to his consulting activities, Gross has worked with global leaders in the metals industry over the past thirty-five years. He began his career in metals in 1973 when he joined U.S. Metals Refining Company, a division of Amax Inc., where he rose to become manager of administration. In 1981 he joined Hudson Bay Mining and Smelting as manager of trading and in 1983 became a futures broker with Johnson Matthey, specializing in metals on Comex and the London Metal Exchange.

He joined BICC Cables Corp. in 1985, now owned by General Cable, where he became V.P. of strategic metals for their North American operations. He was also director of metals management with Scott Brass, a producer and manufacturer of copper and brass strip products.

Gross is a graduate of Hofstra University, and is a highly decorated Vietnam Veteran. He has held memberships in several trade organizations; was a director of the American Copper Council, and served as a member of the Comex Advisory Committee. He is very active in industry affairs, and has written extensively on the metal markets, industry issues.

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