Copper prices have lifted since January’s report. Still off of its 2018 June peak of $3.35, copper prices did lift from January’s $2.57 to a current price of $2.77 (a 7.7% increase month-over-month). The low decade low was set in 2015/2016 when the price per pound was generally under $2.00. The 10-year high was set in 2011 at $4.50/lb.
Norway has approved a new mine project in the Kvalsund area, a region that contains Norway’s largest reserve of copper ore at an estimated 79 million tons. The project is expected to start this summer.
Despite this and other mining developments, analysts believe that global copper demand will continue to slightly outpace global supply for the next 2-3 years, barring an extraordinary global economic event.
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