Copper is benefitting from prospects of a supply reduction due to Covid-19 issues in Chile and signs of waning Chinese demand, strategists at ANZ Bank report. Key quotes “Copper extended its gains as the spread of COVID-19 in Chile continues to darken the supply prospects, not only impacting the short-term supply flows but also delaying major projects and potentially affecting the longer-term supply outlook.” “Codelco suspended construction work at its largest mine, El Teniente. Other major miners have revised their guidance as well, and uncertainties are still looming. These supply disruptions saw the forward curve flipping into backwardation for the first time in a year.” “The tighter concentrate market is weighing on treatment charges. Chinese smelters set a floor for treatment fees for the third quarter at USD53/t from USD67/t. That said, stockpiles of the refined metal at SHFE have risen for the first time in seven weeks, leaving a clue that Chinese demand is waning.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan’s households most pessimistic in over a decade – BOJ survey FX Street 3 years Copper is benefitting from prospects of a supply reduction due to Covid-19 issues in Chile and signs of waning Chinese demand, strategists at ANZ Bank report. Key quotes “Copper extended its gains as the spread of COVID-19 in Chile continues to darken the supply prospects, not only impacting the short-term supply flows but also delaying major projects and potentially affecting the longer-term supply outlook.” “Codelco suspended construction work at its largest mine, El Teniente. Other major miners have revised their guidance as well, and uncertainties are still looming. These supply disruptions saw the forward curve flipping into backwardation for the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
