What $68/bbl. Oil and $7,188/ton Copper mean for Zambia
COMMODITIES have had the best 2 years and ended 2017 stronger than ever. Most analysts dub thus rally as the strongest since the 2008 Financial Crisis. Crude (Brent and WTI) futures are at 3yr highs of between $61bbl and $68bbl while copper has exceeded most analysts’ expectations in 2017 closing the year above $7,000/metric ton. Below are Oil and Copper price graphs showing current pricing levels from trading economics.
Copper was propelled by a growing U.S economy post Trump election, positive factory activity data out of China, mine strikes in South America – Chile and Venezuela, the electric car and rumours about regulation that bans scrap imports. The crude rally on the other hand was fuelled by a successful OPEC deal where most members have tightened supply to help support the price.