Commodities witnessed an interesting end to a decade in 2020, which was for the most part unfriendly for the resourcessector. Investors brace for a new commodity supercycle in 2021 as globaleconomic recovery and reflation trades are set to play out strong. Industrial metals such as copper and silver are likely to outshine gold and crude oil prices.
Copper futures on Friday slipped by Rs 1.40 to Rs 626.70 per kg as participants cut down their positions amid muted demand in domestic market.
BASE METAL : MCX Nickel, Copper and Zinc All Target Hit. Copper rose to a near eight-year high during morning trading on the London Metal Exchange on Wednesday January 6 on news about an output delay from the Las Bambas mine in Peru and anticipation over the results of the Georgia run-off senate elections.
MCX Zinc, Copper, Nickel, Lead (January Contract), All Base Metal Tips Hit All Target – Neal Bhai Reports
“Copper prices demand may have yet to peak vis-a-vis steel, while supply also remains a bigconcern, given the concentration of production in South American economies.”
China’s imports of Australian copper prices concentrate fell by 34% to 26,717 tonnes in November, the lowest level since January 2017, according to the data released by the General Administration of Customs.