The allure of copper globally has stirred up merger and acquisition activity in the global mining sector. Anglo American has tied up with Canadian miner, Teck Resources while Rio Tinto and Glencore are pursuing negotiations for a merger that resource analysts say is motivated by the brighter prospects of a merged entity with strong and large tentacles over copper. On Tuesday, copper prices opened around $1 937per tonne compared to the previous close of$12 894per tonne.
On Friday, the metal slumped“alongside the wider metals complex, likely driven by profit taking following the 24% rally since December,” analyst at SP Angel said. alongside the wider metals complex, likely driven by profit taking following the 24% rally since December This comes as deliverable copper inventories intotheShanghai Futures Exchange (ShFE) warehouses rose 18% to 213,515t on Friday. On Tuesday, an additional8875tonnesof copperwere delivered toLondonMetalExchange (LME)warehouses, bumping up the total156300tonnes.
Shanghai Futures Exchange (ShFE) warehouses rose 18% to 213,515t on Friday Forecasts suggest copper demand could rise by roughly 50% by 2040,saidAndrew Bahlmann, director ofDeal Leaders International, adding though that “supply could lag potentially creating structural tightness”in the market. Forecasts suggest copper demand could rise by roughly 50% by 2040, supply could lag potentially creating structural tightness “Copper sits at the core of electrification, renewable energy infrastructure and electric vehicles, with miners consequently chasing scale in metals in a move to underpin decarbonisation,” he said. Copper sits at the core of electrification, renewable energy infrastructure and electric vehicles, with miners consequently chasing scale in metals in a move to underpin decarbonisation South African mining investors have been reacting positively to the projected rosy outlook for copper, with junior miners such asNorthern Cape base metals developer, Orionshifting focus toproject financing and concentrate offtake agreementsas the company further develops its copper projects. South African mining investors have been reacting positively to the projected rosy outlook for copper, with junior miners such as project financing and concentrate offtake agreements
