Loading ...Thanks for the info. I looked it up. Plus found a live Barchart link, with plenty of interesting info. I have to assume, when ever a shortage arises, and prices go up, its because prior COMEX prices have been too low, causing production cutbacks and sell inventory. At the same time, more gets wasted, because its too cheap.
I’ve seen it with Oil too. When dollar was low on 72, it inverted Oil higher to $145/bbl. At such a high price investment and production went up, and the same time people cut back on use because gasoline was too high. And oil dropped to $28. It may be getting its sea legs who knows when?? Probably never.
It used to be, with a stable dollar and no naked shorting, supply and demand set the prices. Now adays its fluctuating prices that adjust the supply and demand.
COMEX Copper Link:
https://www.barchart.com/futures/quotes/HG*0/profile
parts:
Copper is biostatic, meaning that bacteria will not grow on its surface, and it is therefore used in air-conditioning systems, food processing surfaces, and doorknobs to prevent the spread of disease.
Copper futures and options are traded on the London Metal Exchange (LME) and the CME Group. futures contract calls for the delivery of 25,000 pounds of Grade 1 electrolyte copper and is priced in terms of cents per pound.
Supply – World production of copper in 2019 fell -2.0% yr/yr to 20.000 million metric tons, down from the previous year’s record high.
U.S. production of refined copper in 2019 fell -6.5% yr/yr to 1.000 million short tons, far below the record U.S. production level of 2.140 million short tons seen in 1998.
Comment: Copper was .60 cents/lb in ’68, too cheap, high usage, high production. Copper was .50 cents, to $1.50/lb from 1970 to 2004 probably because of manipulation. 09/11/2001 TPTB lost control as you can see clearly on the chart below. Most commodity charts look the same.