China positive news update. Industrial metals prices boosted. More upside ahead.
BHP, FCX and RIO shares are breaking higher. Here is what's going on... but more broadly what you need to know about the outlook for industrials metals looking brighter
-Copper price hit a new 11 month high with focus on supply cuts, while demand continues from the top metals-consuming country, China, plus the global economic outlook brightens.
- UBS sees China cutting smelter output and it causing a protracted period of supply constraints, resulting inmaterial & sustained upside push in coppers price.
-Goldman Sachs maintained its bullish view on copper, seeing it price hitting $10,000 a ton by the end of this year. It's now $9,161 a ton.
-Chinese industrial output rose 7%in the first two months from a year earlier, while growth in fixed-asset investment also accelerated faster than estimated.
- Investment in property development fell 9% BUT we're seeing building activity hold up remarkably well, SEE BELOW. This is why the road ahead looks long for metal demand, which would otherwise be funneled into solar panels, EVs and wind farms.
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rylar : Stay tuned.
Philip_AU : What's ahead for the base metals market?
OB1KENOB : Copper still has a pretty good future.
kakaobohne : Thanks for the DD
EvanderAU : Often that's when the bad news comes!
Lysander : This curve is very intuitive.
Wealthy Leio : I hope it can be continued.
Peterson111 : Breaking a one-year high.
Liam Mitchell : rest assured!