{"id":1154189,"date":"2019-12-06T15:40:14","date_gmt":"2019-12-06T21:40:14","guid":{"rendered":"https:\/\/www.mining.com\/?p=1008667"},"modified":"2019-12-06T15:40:14","modified_gmt":"2019-12-06T21:40:14","slug":"us-payrolls-light-fire-under-copper-price","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1154189","title":{"rendered":"US payrolls light fire under copper price"},"content":{"rendered":"<p>The price of copper surged on Friday after reports showed the US economy in robust health on the back of strong payroll numbers \u2013 the best reading since January \u2013 and progress in trade talks with China. <\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Trade worries have dogged copper price bulls for the better part of a year and China is vital to overall demand for the metal widely used in the manufacturing, construction, transportation and electricity sectors.<\/p>\n<p>In afternoon trading in New York, copper for delivery in March continued to climb hitting $2.7535 a pound ($6,070 a tonne), up 3.4% on the day and the highest since July.<\/p>\n<figure class=\"wp-block-pullquote\">\n<blockquote>\n<p>A panel of more than 30 analysts polled by FocusEconomics expects prices to stay above today&#8217;s level during the first quarter of next year and improve further by the end of next year.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Copper was also buoyed by an improvement in large-scale investor sentiment, a note from Capital Economics on Friday points out. The combined  position on the LME and COMEX futures markets switched to a net long\u00a0recently after hitting a record number of net shorts (bets that copper could be bought back at lower price in future) at the end of the third quarter.  <\/p>\n<p>Despite strong fundamentals \u2013 weakening mine supply, threat of disruptions \u2013 most notably from top producer Chile, low global stocks and robust demand outlook \u2013 spikes in the copper price this year have turned out to be temporary.<\/p>\n<p>A panel of more than 30 analysts polled by FocusEconomics for its December study expects prices to stay above today&#8217;s level during the first quarter of next year and improve further by the end of next year.<\/p>\n<p>The Barcelona-based independent research company point out that there is a wide spread between forecasters suggesting a large degree of uncertainty about the outlook.\u00a0<\/p>\n<p>The highest forecast for the average price in Q4 2020 is $7,000 per tonne ($3.17\/lb) from Goldman Sachs (+16.7% from current price), while five investment banks and research firms including JP Morgan and Commerzbank see copper falling back below $6,000 a tonne. The median forecast for Q4 2020 is $6,255.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of copper surged on Friday after reports showed the US economy in robust health on the back of strong payroll [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154189"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1154189"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154189\/revisions"}],"predecessor-version":[{"id":1154204,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1154189\/revisions\/1154204"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1154189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1154189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1154189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}