Copper bullish on 94% ‘scrap of imports’ in China
INVESTORS globally are putting money in commodities ranging from oil to copper as they approach 3-4yr highs. This is the strongest ever manufacturing pulse observed post the 2018 financial crisis. Copper is trading above $7,200/ton on the London Metal Exchange as brent is trading for $67/bbl.
"Rarely has the outlook for a New Year been as encouraging as it is today," said Holger Schmieding, chief economist at Berenberg Bank in London.
World factories are demanding raw materials with financial market commodities indexes at record highs. In the last two weeks most analysts have seen indexes that are pointing north.
The oil market is tightening very quickly as members stick to the OPEC agreement to help support the price which will assist crude producing nations.