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Copper prices topped $3 a pound on Wednesday for the first time in more than two years, driven by falling inventories, a weaker dollar, unprecedented economic stimulus in China and ongoing concerns about pandemic supplies from top producer South America
.
In Wednesday afternoon trading, copper for September delivery in New York was trading at $3.
0295 a pound ($6,680 a tonne), the highest level since June 2018 and up more than
50 percent from the low hit in March.
Copper stocks in warehouses operated by the London Metal Exchange fell to 107,525 tonnes this week, down more than two-thirds over the past year and the lowest level
since August 2007.
Inventories on the New York Mercantile Exchange and Shanghai Futures have increased over the past year, but the total volume is still 165,000 mt
less than in August 2019.
Meanwhile, China's refined copper production fell 5.
3 percent in July from the previous month to 814,000 mt
, according to government data.
China's unprecedented stimulus has increased demand for widely used construction, transportation, industrial and grid metals, enhancing copper's outlook
.
According to data from GF Securities, 63% of the funds from local government special bonds were used for infrastructure investment by the end of June, mainly in transportation, civil infrastructure and industrial parks
.
Of the 1 trillion yuan of national special bonds, 700 billion of the 1 trillion yuan of special national bonds can be used to fund infrastructure construction (the rest will be used for pandemic-related general expenditures).
Customs data released last week showed China's imports of unwrought copper (anode and cathode) surged 81 percent in July from a year earlier to 762,211 tonnes, 16 percent
higher than in June.
Copper concentrate imports rose more than 12 percent in July to 1.
795 million mt from a nine-month low in June, but still down 13.
5 percent
from July last year, as mine disruptions in Peru, China's largest supplier.
Copper prices topped $3 a pound on Wednesday for the first time in more than two years, driven by falling inventories, a weaker dollar, unprecedented economic stimulus in China and ongoing concerns about pandemic supplies from top producer South America
.
In Wednesday afternoon trading, copper for September delivery in New York was trading at $3.
0295 a pound ($6,680 a tonne), the highest level since June 2018 and up more than
50 percent from the low hit in March.
Copper stocks in warehouses operated by the London Metal Exchange fell to 107,525 tonnes this week, down more than two-thirds over the past year and the lowest level
since August 2007.
Inventories on the New York Mercantile Exchange and Shanghai Futures have increased over the past year, but the total volume is still 165,000 mt
less than in August 2019.
Meanwhile, China's refined copper production fell 5.
3 percent in July from the previous month to 814,000 mt
, according to government data.
China's unprecedented stimulus has increased demand for widely used construction, transportation, industrial and grid metals, enhancing copper's outlook
.
According to data from GF Securities, 63% of the funds from local government special bonds were used for infrastructure investment by the end of June, mainly in transportation, civil infrastructure and industrial parks
.
Of the 1 trillion yuan of national special bonds, 700 billion of the 1 trillion yuan of special national bonds can be used to fund infrastructure construction (the rest will be used for pandemic-related general expenditures).
Customs data released last week showed China's imports of unwrought copper (anode and cathode) surged 81 percent in July from a year earlier to 762,211 tonnes, 16 percent
higher than in June.
Copper concentrate imports rose more than 12 percent in July to 1.
795 million mt from a nine-month low in June, but still down 13.
5 percent
from July last year, as mine disruptions in Peru, China's largest supplier.
