Copper takes top spot again as best prospect at LME seminar
LONDON - Copper was the sweeping choice for the industrial metal with the best outlook for higher prices, attendees at a London Metal Exchange (LME) event said on Monday.
Copper got 46% of votes in an informal poll at the LME Seminar on which base metal is likely to have most upside, slightly less than last year at 53%.
The poll took place after a succession of analysts presented their cases for each of the six base metals traded on the LME plus steel.
Tin same in second place at 36%, also replicating last year's position, gaining on last year's level of 23%.
LME tin has been by far the best performing LME metal so far this year, surging by 31% compared to zinc and copper in second and third place at 17% and 16% respectively.
The tin market is expected to have a 10 000 metric ton deficit this year while the price of the metal largely used in solder for electronic goods is closely correlated to that of copper, said Tom Langston of the International Tin Association.
In the informal poll on Monday, votes for other metals ranged between 2%-7%, with aluminium getting 4%.
Jorge Vazquez of consultancy Harbor Aluminium said a large surge of supply, especially of recycled metal, was engulfing the aluminium market and would pressure prices, although he did not give specific forecasts.
"Secondary aluminium expansions are happening on a massive scale," he said. "We don't see any scarcity coming in the next three years."
Analyst Amy Gower of Morgan Stanley said Chinese copper demand was not as bearish as headlines would suggest while not enough capital spending was going towards building new mines.
Copper prices would be anchored at around $9 500 a metric ton in coming months, with a bullish scenario seeing prices rising to surpass a record above $11 100 touched in May, she added.
Three month LME copper was trading at $9 895 a ton on Monday afternoon.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
