- The producer price index for copper tube and fittings was up 5.1% month-over-month (up 4.8% in the last update) and was up 20.4% year-over-year (up 16.9% Y/Y last month).
Key factors that could affect supply or price:
Prices: Currently trading at $4.07 lb., up from the 7-year high of $3.70 lb. in January, but still well above the average over the past 12 months of $2.83 lb., and 53.7% higher over the past 12 months. Analysts expect the price to average $3.52 lb. on the high side and $2.90 on the low side for 2021.
Headlines: The consensus is that the recent rally is due to China's unprecedented buying spree and investors betting on a long-term commodity-intensive global recovery. Fluctuations in the U.S. dollar will keep prices inflated, especially as global demand for product manufacturing increases. The latest manufacturing data from the largest product-producing markets show those countries expanding through January. Most analysts remain bullish on pricing, as demand remains high and inventories low.
Report Abusive Comment