Copper’s price is sitting at $3.77, and has been trending up lately!
This comes after a report came out that Copper stocks on the London Metal Exchange (LME) have declined sharply, reaching their lowest level in three months.
It cited that outflows from South Korea’s Busan warehouses contributed to this drop.
This would theoretically be good news for copper’s price, but recently LME has had some issues with reporting accurate inventory numbers with their metals as we covered yesterday in a video, but overall they have been more consistent with their inventories with copper.
Another big thing we should note is that Peru has reported big increases in copper production, with a 30.5% year-on-year increase in April.
So with more copper out there in the market this would in turn lower the price of it, so that’s just another thing to keep in mind.
One big thing in the near future that we are looking at is the FED meeting next week and if they will raise interest rates or not.
The likelihood is a hold but they are already talking about a scheduled raise in July.
This decision would affect both the metal market and the broader market, so stay tuned!