TechBizWebTechBizWeb

    Subscribe to Updates

    Get the latest news about Technology and Business from all around the web..

    What's Hot

    Fitbit’s old-school, OLED-equipped Inspire 3 is down to just $80

    June 10, 2023

    Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

    June 8, 2023

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023
    Facebook Twitter Instagram
    • About Us
    • Privacy Policy
    • Guest Post
    • Terms
    • Contact
    Facebook Twitter Instagram
    TechBizWebTechBizWeb
    Subscribe
    • Home
    • Technology

      Fitbit’s old-school, OLED-equipped Inspire 3 is down to just $80

      June 10, 2023

      Walmart’s taking a rare $20 off of a set of four AirTags

      June 1, 2023

      The M1 Pro 16-inch MacBook Pro with 1TB of storage is $800 off today

      May 22, 2023

      Google, how do I ask your AI the right questions?

      May 14, 2023

      Where to preorder The Legend of Zelda: Tears of the Kingdom

      May 6, 2023
    • Business
    • Cyber Security

      Hackers exploit bug in Elementor Pro WordPress plugin

      June 2, 2023

      15 million public-facing services vulnerable to CISA KEV flaws

      May 23, 2023

      HP to patch critical bug in LaserJet printers within 90 days

      May 15, 2023

      Hackers can open Nexx garage doors remotely, and there’s no fix

      May 7, 2023

      Microsoft April 2023 Patch Tuesday fixes 1 zero-day, 97 flaws

      April 29, 2023
    • Blockchain
    • Vulnerabilities
    • Social Engineering
    • Malware
    • Cyber Security Alerts
    TechBizWebTechBizWeb
    Home»Business»Trafigura warns the world is running low on copper
    Business

    Trafigura warns the world is running low on copper

    October 21, 2022Updated:October 21, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Global copper stocks have fallen to perilously low levels, one of the world’s largest commodity traders Trafigura has warned.

    Speaking at the FT Mining Summit on Thursday, Kostas Bintas, co-head of metals and minerals trading at Trafigura, said the copper market is today running with inventories that cover 4.9 days of global consumption and is expected to finish this year at 2.7 days, according to its own forecasts. Copper stocks are usually counted in weeks.

    The price of copper, used in everything from wind turbines, electric wires to electric vehicles, is now trading around $7,400 a tonne, some 30 per cent lower compared to early March, when it was trading above a record $10,000 a tonne.

    Limited inventories raise the risk of a sudden spike in prices should there be large drawdowns and a dash among traders to secure supplies.

    While the strong dollar and global recession fears have weighed on copper prices in recent months, executives in the global metals industry argued on Thursday that limited supply in the market remained supportive of prices.

    “While there is so much attention being paid to the weakness in the real estate sector in China, quietly, the demand for infrastructure, electric vehicle-related copper demand, more than makes up for it,” Bintas said. “It actually not only cancels completely the real estate weakness, but also adds to their consumption growth increase.”

    He added that the situation was no different in Europe, with the region accelerating its transition into renewables as it tries to wean itself off Russian gas, leading to copper demand increase.

    “It is not accidental that the EU has decided to bring forward the target of doubling its solar capacity from 2030 to 2025. All that requires a lot of copper,” he said. “Look at electric vehicles everywhere, [the numbers on the road] are surprising to the upside. That’s a lot of copper too. As a result, we’ve been drawing down stocks throughout this very difficult year.”

    However, some copper bears believe the slowdown in China’s property market — where the metal is used in wiring, plumbing and facades — and the energy crisis in Europe will weigh on demand.

    Marcus Garvey, head of commodities strategy at Macquarie, said the copper market is set to head into a surplus of 600,000 tonnes next year as supply grows from Latin America and elsewhere. “All industrial metals will move into surplus next year,” he said, citing the impact of the global macroeconomic downturn.

    This week stocks of copper in London Metal Exchange warehouses have fallen sharply. Analysts at Peel Hunt said “traders in China are scrambling to secure metal as Shanghai stocks have fallen recently and traders are grabbing what they can”.

    Inventories of copper in warehouses run by exchanges such as the LME do not provide a full picture of copper stocks in the supply chain, since many industrial users will hold their own reserves of metal.

    But visible stocks can have a large influence on sentiment in the market.

    “We certainly have no problem selling copper,” Freeport chief executive Richard Adkerson told investors on a conference call, Reuters reported. “It’s just striking how negative the financial markets are about this industry and yet the physical market is so tight.”

    Jonathan Price, chief executive of Canadian copper miner Teck Resources, said the “macro view is very disconnected from the underlying physical fundamentals of the copper market”.

    Bintas, who last year had predicted copper prices would reach $15,000 a tonne, said copper was being sold on recession fears, but he expects to see “very quickly” a “structural repricing” once those fears subside.

    Considering the copper shortage that is happening now, “I think it’s fair to assume a higher price of what we have today,” he said. “Is it going to be more than $15,000? I think time will tell.”

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023 Business

    Democrats and Republicans confident they can pass deal to avert US default

    May 29, 2023 Business

    Salman Rushdie says he is writing book about near-fatal knife attack

    May 20, 2023 Business

    Imran Khan, the Pakistani politician taking on the army

    May 12, 2023 Business

    Oaktree Capital’s Howard Marks to undergo cancer treatment

    May 4, 2023 Business

    Joe Biden steps up commitment to South Korean nuclear defence

    April 26, 2023 Business
    Editors Picks

    Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

    June 8, 2023

    Wildfire smoke makes New York air quality worst in the world

    June 7, 2023

    Malicious Actors Exploit CVE-2023-27350 in PaperCut MF and NG | CISA

    June 5, 2023

    Idaho hospitals working to resume full operations after cyberattack

    June 4, 2023
    Trending Now

    People’s Republic of China State-Sponsored Cyber Actor Living off the Land to Evade Detection | CISA

    By techbizweb

    Study tests the potential of two quantum machine learning algorithms for malware classification

    By techbizweb

    New hyperactive phishing campaign uses SuperMailer templates: Report

    By techbizweb

    https://www.nationalsportsacademy.com

    slot gacor hari ini

    http://www.inadesfo.org/

    http://www.eueomgbissau.org/

    http://www.congo-mai-mai.net/

    http://www.angelesdelafrontera.org/

    http://fifaworldcup2018schedule.com/

    http://tony4gtrmcr.co.uk/

    http://www.standrewsagreement.org/

    http://www.bob-russell.co.uk/

    http://davidmulholland.co.uk/

    http://railwayhotelenniskillen.com/

    http://www.fantasysportstrades.com/

    http://www.rainleaf-flooring.com

    http://mothersagainstguns.org/

    http://ma-coc.org/

    slot online

    http://www.paradoxmag.com/situs-judi-slot-online-gampang-menang-2021/

    http://www.paradoxmag.com/situs-judi-slot-online-terbaru-2021/

    http://slot-terbaru.net/

    Slot Gacor

    Slot Online

    Situs Slot Gacor

    http://www.appdexterity.com/

    https://cars4kids-deutschland.de/

    https://www.stretchingculture.com/

    https://www.b-123-hp.com/slot-gacor/

    https://denzstaffing.nl/

    https://ezbbqcooking.com/slot-gacor/

    https://www.mbahelp24.com/slot-gacor

    https://minhtanstore.com/slot-jackpot-terbesar/

    https://njbpusupplierdiversity.com/slot-gacor-gampang-menang/

    https://www.floridaspecialtycropfoundation.org/slot-gampang-menang/

    https://childrenscornerpreschool.org/slot-gacor-gampang-menang/

    https://cryptoquoter.com/slot-online-terbaik/

    https://alorkantho24.com/slot-gacor/

    https://ellas.xyz/slot-gacor/

    https://it.dougamatome.xyz/slot-online/

    https://www.daltercume.com/slot-gacor/

    https://josi-ana.dougamatome.xyz/slot88/

    https://josi-ana.dougamatome.xyz/slot-gacor/

    https://fastobserver.com/slot-jackpot-terbesar/

    https://www.planetexperts.com/slot-gacor/

    https://bfsolution.group/slot-bet-kecil/

    https://rustleva.co/slot/

    https://bfsolution.group/slot-bet-kecil/

    https://www.hotelcalimareal.com/togel-online/

    https://anime-game.dougamatome.xyz/slot-gacor-gampang-menang/

    https://anime-game.dougamatome.xyz/togel-online/

    https://bourbonbarrelfoods.com/slot/

    http://suneo39.wp.xdomain.jp/slot/

    https://techbizweb.com/slot-gacor/

    https://www.generalcatalyst.com/18-daftar-slot-gacor-terbaik-gampang-menang-jackpot-hari-ini/

    https://www.hotelcalimareal.com/slot-online/

    https://www.blockgates.io/slot-gacor/

    https://l12.com.br/slot-gacor/

    slot paling gacor

    https://www.donalds-hobby.com/slot-online/

    https://thecryptodirt.com/slot-gacor-hari-ini/

    http://iseta.edu.ar/aulavirtual/app/upload/users/1/1205/my_files/sbobet.html

    http://escuelavirtual.mincit.gov.co/app/upload/users/1/194/my_files/slot.html

    https://www.dev.medecinesfax.org/courses/JUDICASINO/document/slot.html

    http://www.e-archivos.org/cursos/courses/JUDICASINO/document/slot-gacor.html

    http://iesma.com.br/ead/main/upload/users/4/447/my_files/slot.html

    https://www.fundacoop.org/chamilo/app/upload/users/1/1185/my_files/slot.html

    https://fata-aatf.org/eskola/main/upload/users/3/31/my_files/slot.html

    https://uancv.edu.pe/ofinvestigacion/app/upload/users/3/328/my_files/slot-terlengkap.html

    https://micost.edu.my/EL/app/upload/users/2/209/my_files/slot-gacor.html

    https://www.academiacoderdojo.ro/elearningdev/app/upload/users/2/2442/my_files/slot-online.html

    http://campus-cidci.ulg.ac.be/courses/JUDICASINO/document/slot-termurah.html

    https://www.escueladerobotica.misiones.gob.ar/aula-ste/courses/LIVECASINO/document/slot-tergacor.html

    http://ccdipeepccqqfar.usac.edu.gt/chamilo/app/upload/users/3/358/my_files/slot-online.html

    https://cunori.edu.gt/campus/app/upload/users/7/7334/my_files/slot-online.html

    http://u-rus.com.ar/aula/app/upload/users/1/1322/my_files/slot.html

    http://icrodarisoveria.edu.it/chamilo/app/upload/users/1/1855/my_files/slot.html

    https://iestpliliagutierrez.edu.pe/clarolgm/courses/CASINO/document/slot.html

    http://pva.cobach.edu.mx/app/upload/users/7/7379/my_files/slot.html

    http://www.imb-pc-online.edu.gt/PL/app/upload/users/3/373/my_files/slot.html

    http://avcs.upeu.edu.pe/main/upload/users/3333/my_files/slot.html

    https://chamilo.fca.uas.edu.mx/app/upload/users/1/11186/my_files/slot-online/

    TechBizWeb
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    • Guest Post
    • About Us
    • Privacy Policy
    • Our Authors
    • Terms and Conditions
    • Contact
    © 2023 Tech Biz Web. Developed by Sawah Dev.

    Type above and press Enter to search. Press Esc to cancel.