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China can control the price when its only China buying it, but when there are alternative buyers its not going to work for long.
Fundamental rule of the market - when demand outstrips supply, prices rise.
Electrification may not be here yet, but its started. And when it really explodes todays prices will look like a bargain, thats just one reason I'm holding and building my stake in Rambler.
$4.54/lb (not tonne!)
After a day of China selling 30k tonnes of Copper to control the price, copper is still looking strong at $4.54/tonne
https://tradingeconomics.com/commodity/copper
It’s looking good. They’ll find it harder to manipulate the price of copper this time, people are on to them after last time as well.
Great thing is when the plan develops and the C1 costs come down profit margins will be even higher
who cares if rmm cant get it stuff together
It will be interesting to see how this phase of their attempt to control commodity prices plays out. The world knows they are selling 30000 tonnes of Copper tomorrow (less than analysts expected), but the copper price has held up well regardless.
https://www.mining.com/copper-price-rises-as-china-decides-to-release-less-reserve-than-expected/
There's an interesting article, linked in this tweet, describing how China attempted to manipulate the market a few years ago
https://twitter.com/nedwardo44/status/1401657574685130752
I think they'll find they can't influence the price in the same way they could when they were the main consumer (industrialisation catch-up and urbanisation). Copper is in short supply and the whole world needs it for electrification. The green economy revolution is core to the multi-trillion dollar economic stimulus packages announced across the world.
They're going to regret selling down their reserves, but they can buy more from Rambler mid-Q4, once we've released the anchor of the £3 hedge ... and we're producing from six stopes instead of the current two. 22 weeks until 2022. This will be a very different share by then!