- The Producer Price Index for copper tube and fittings was up 1.5% month-over-month (up 5.3% in the last update), and was up 9.8% year-over-year (up 7.6% Y/Y last month).
Key factors that could affect supply or price:
Prices: Currently trading at $3.08 lb. The average price was $3.02 over the past 30 days, the highest monthly average since June 2018. YTD copper reached its low point on March 23 ($2.10), since then it’s up 47%.
Headlines: Chinese demand pushes copper back to multi-year highs; Potential strikes by Chilean copper miners; Analysts are hoping for a new COVID stimulus relief package; each of these will have a positive effect on pricing. On the negative side, miners are still negotiating which could avert a strike (no supply side issues) and Washington can't get on the same page on a stimulus bill which could dampen the economy.
- Watch the news: If all the headlines continue to pan out, then it's probably a positive signal. If not, proceed with caution.
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