The deadly coronavirus that’s rattled markets since January won’t stop copper prices from surging to $3/lb this year, according to Chilean Mining Minister Baldo Prokurica.
The price of copper, often used as a barometer for the global economy, has dropped about 7% so far in 2020, signaling demand for the metal used in everything from electronics to automobiles has cooled as investors retreat from riskier assets.
Copper supplies at warehouses tracked by the Shanghai Futures Exchange expanded to the highest ever for this time of year as logistical constraints inside China are stopping output from reaching end-users, further pressuring down price for the metal.