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Copper was thought to be headed toward a supply crisis as the world adopts electric vehicles and other greenification measures.
And now that crisis is here, say Bank of America metals strategists led by Michael Widmer.
“The much-discussed lack of mine projects is becoming an increasing issue for copper. This, along with investment in green technologies and a rebound of the global economy, should lift prices to US$10,250/t (465c/lb) by the fourth quarter,” they say, an upgrade of 8% from their previous view.
Front-month copper futures HG00 were trading at $4.28 per pound, up 10% on the year on Tuesday.
Bank of America wasn’t the only Wall Street bank forecasting copper price gains. Analysts at Citi said consumers of the metal should “urgently hedge” or risk facing $320 billion of cost increases over the next three years. Saying copper is the second bull market this century, they say copper prices are trending higher to average $10,000 per ton in the fourth quarter and $12,000 by 2026.
The Bank of America analysts also are bullish on gold.
This rise is 100% due to Copper price surge or Glen would be at £380.
So your listening to the same experts that said copper would drop in 24/25 these experts make it up as they go.
Late reported trades £21 million buys at 475.
Ade1234... copper surge drops???? what are you on about. they are the worlds top 10 producers of Lead, Iron, Zinc, cobalt, tungsten as well as copper. there is a global return to consumption of all these base metals and this is only going to increase .
its not all about copper, but in that case most commodity experts see copper getting to $16000 per tonne, I'll go with the experts here
Look at Anto, up over £22, fron £14s, Glencoes way behind in comparison. Sorry.
Was wondering where all the shorters were hiding. but now they are out in full force. If it stays above 472 for 2 more days you wont be buying under £5 in july. good luck with the shorts. the copper price is going one way fro the next 6 months
Been quite a good run, so I took my profit. Hope to pick it up again if it falls back to the 420/30's.😂😂😂
Nasdaq selling off atm plus Dow to a certain amount, it could have a rippling effect,
I'm happy to be in cash atm
Glen wont make £5 it will soon see sub £4 again once this Copper surge drops.
IMO Glen will need a close above 475 before it drops to the 460s then it’s of to a fiver
However a close below 450 and it will see 460 then down to the 420s
Will it wont it 472 is a hard level to crack. hopefully US opening later will give it a bit of momentum it usually does
So 472 hit this morning, what next. well if it falls back to 470 or below it may retrace to 455 p. if it stays above 472 for a couple of days then we are off to 500 p. now that would be very nice for yours ....
And disappointing compared to last year ;-)
$0.065
The information you require is on this web site under GLEN financial diary. But as you are not able to look - ex div is2nd May and the divi is $0.06.
When is ex dive date and what is the divi price please
Good luck lads ,:)
DT Only need the sp to go up another few points to be in profit. Us shares doing so well..
Good article Evi, promising read.
Https://www.mining.com/web/copper-miners-glimpse-the-future-theyve-long-seen-coming/
Cheers DT, keep posting the charts info resistant & support levels, interesting stuff, I am longterm and do alote research, I believe in the numbers just haven't got into it yet.. one things for sure with Glenda.... we are in for a thrilling ride as always the next 12 months,,, copper, commodities, Teck deal, China, interest rates, electrification, oil countries getting into commodities.... never a dull moment with these babies.. roll on £6 & beyond.
Dropped a fair amount of these i hold outside of isa's yesterday to ease the calculations for this return capital/dividend issue moving forwards. Calcs take far to long to do to be bothered with.
I hope the shorters have gone all in on Glencore about 2 months ago, because they are being burned at the stake at present. and they will have to start thinking about closing them ... when we hit 472 then that is a key number I can smell those shorts closing with a burned ass and than short squeeze will do us no harm
So 472p is the next barrier, its banged its head over the last year on that one. if we get past that for 3 dayys it really is game on to 500p in the next few months..( macro political issues aside)