This Morning in Metals: Copper price bounces back

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copper smelter

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This morning in metals news: the copper price bounced back Tuesday after a down Monday session; ArcelorMittal issued a statement on the European Commission’s policy proposals aimed at reducing emissions; and U.S. oil exports have fallen in each month since February.

The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021.

Copper price recovers Tuesday

The copper price continued to move up after a down Monday session, Reuters reported.

LME copper fell 1.8% Monday but bounced back 1.4% on Tuesday.

Europe strives toward emissions targets

In other news beyond the copper price, the European Commission recently outlined its 2030 Climate Target Plan, to which steelmaker ArcelorMittal responded positively.

However, the firm also listed several factors that will make it easier for it to achieve the emissions targets.

Those items included:

  • The Carbon Border Adjustment
  • Access to abundant and affordable clean energy, to enable the roll-out of low-emissions steelmaking
  • Access to sustainable finance for low-emissions steelmaking
  • Accelerate the transition to a circular economy: EU climate and materials policy should be integrated, taking a lifecycle perspective to ensure that materials are used in a circular way as much as possible

U.S. oil exports slide

U.S. oil exports have dropped every month since February, according to the Energy Information Administration (EIA).

In February, U.S. oil exports reached a record high. Despite the steady decline since, U.S. oil exports during the first half of the year were up year over year.

In terms of target destinations for U.S. crude exports during the first half of the year, Canada topped the list, followed by China.

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