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Copper pops to biggest daily gain in a month as investors turn bullish

  • Copper climbed 3% to $5,318/ton, while nickel and other industrial metals also jumped, according to final closing prices for three-month contracts on the London Metal Exchange, as an easing of coronavirus lockdowns in many countries and hopes for a vaccine spark optimism.
  • Copper prices (HG1:COM) fell from ~$6,300/ton in January to a four-year low of $4,371/ton in March as the virus spread, but have recovered as top consumer China reopens.
  • "Momentum is still behind copper, so it can go on for some time, but current levels are already elevated," says Commerzbank analyst Eugen Weinberg, forecasting that said a ballooning surplus will push prices back below $5,000/ton before they recover to ~$5,600 by year-end.
  • Relevant tickers include FCX, BHP, RIO, SCCO, TECK, HBM, OTCQX:AAUKF, OTCPK:AAUKY, OTCPK:GLCNF, OTCPK:GLNCY, OTCQX:FSUMF, OTC:ANFGF
  • ETFs: JJCTF, COPX, DBB, CPER, JJC

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HG1:COM--
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BHP--
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SCCO--
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