This Morning in Metals: US consumed record amount of renewable energy in 2020

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This morning in metals news: the U.S. consumed a record amount of renewable energy in 2020; U.S. housing starts jumped in May; and the copper price has been on the decline since peaking last month.

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US hits renewable energy consumption record

renewables

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The U.S. consumed a record amount of renewable energy in 2020, the Energy Information Administration (EIA) reported.

“In 2020, consumption of renewable energy in the United States grew for the fifth year in a row, reaching a record high of 11.6 quadrillion British thermal units (Btu), or 12% of total U.S. energy consumption,” the EIA said. “Renewable energy was the only source of U.S. energy consumption that increased in 2020 from 2019; fossil fuel and nuclear consumption declined.”

Housing starts gain in May

Meanwhile, U.S. housing starts picked up in May from the previous month, the Census Bureau reported.

U.S. housing starts reached a seasonally adjusted annual rate of 1.57 million in May. The rate marked an increase of 3.0% from April and 34.9% from May 2020.

Furthermore, single‐family housing starts came in at a rate of 1.10 million, or up 4.2% from April. The rate for units in buildings with five units or more checked in at 465,000.

Copper price slides

The LME copper price has declined since reaching an all-time high of over $10,700 per metric ton in May.

The LME three-month copper price closed Tuesday at $9,587 per metric ton, or down 6.77% from a month ago. The price closed last week at $10,060 per metric ton.

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