Posted 3/15/2024, 9:00:16 AM
Copper Surges on Supply Squeeze While Iron Ore Sinks on China Worries
- Copper prices surge over 5% this week to over $9,000/ton on supply risks, while iron ore sinks below $100/ton on weakening Chinese demand
- Copper rally fueled by global mine supply tightness, particularly due to Panama mine closure; China smelters also pledge output cuts
- Iron ore drops as hopes fade for China construction rebound; steel mills buying less amid economic headwinds
- Copper seen benefitting from EV and renewables demand boost; iron ore hurt by China's property crisis and infrastructure spending limits
- Copper investors see global growth stabilizing; iron ore investors bet China property crisis will persist, capping steel demand