The price of copper went up/ how much profit do the owners of Femli share? – Tejarat News
According to Tejarat News, the price of copper, after several months of decline, finally took an upward trend. Copper finished the year 2022 at $8,451 per ton. The course of the price was downward until the first days of January 2023; However, it picked up in the rest of the year.
According to the Mining website, on Wednesday, January 11 (21), the price of copper reached above 9,000 dollars per ton. Copper has not experienced such a price increase since June last year.
China’s increase in demand and the decline in the global value of the dollar
The rise in copper prices is due to the hope of increasing China’s demand for the red metal following the removal of restrictions caused by the spread of Covid-19. Although copper’s withdrawal from the establishment of zero covid increases the probability of disease outbreak, investors expect this event to increase the demand for copper in the new year.
Copper for delivery in March this year rose 4.2% on the Comex market in New York and traded at $9,174 per ton.
In addition to China’s request, what has strengthened the demand for metals is the weakening of the dollar in the world market.
Goldman Sachs analyst Jeff Currie predicted in a television interview with Bloomberg that the price of copper will grow to 11,500 dollars per ton by the end of this year.
The chart below is taken from the website miningshows the ups and downs of global copper prices in a week ending on January 12 (22).
2.62% growth in the value of feme with the global increase in the price of copper
The increase in the price of copper in the world market on Wednesday led to the growth of the stock value of Iranian iron ore producers. Today, January 24, the stock market index was negative, and only the national symbol (Iran National Copper Industries Company) had a positive effect on the index with a growth of 2.62%, and the forecasts indicate the continuation of its upward trend.
Also, since the base price of traded copper in the commodity exchange is calculated with the formula of the average weekly price of cathode copper in the London Metal Exchange last week, multiplied by the average weekly dollar rate of Nima’s purchase and sale, multiplied by 1.1, so the increase in the price in the London Metal Exchange will increase The price of copper in the commodity exchange is also affected.
To read more, will copper price break records in 2023? read the