This Morning in Metals: Copper prices pick up
This morning in metals news: LME copper prices have ticked up; the U.S. monthly trade deficit increased from October to November; and, lastly, WTI crude prices made some gains this week.
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Copper prices rise
Copper prices had trended firmly in between MetalMiner support and resistance levels for much of Q4 2021.
However, copper prices have showed signs of upward momentum.
The LME three-month copper price closed Tuesday at $9,759 per metric ton. The price had increased 2.94% month over month, MetalMiner Insights data indicate.
US trade deficit reaches $80.2M in November
The U.S. trade deficit reached $80.2 billion in November, the Census Bureau and Bureau of Economic Analysis reported.
The deficit increased from $67.2 billion in October.
Exports in November reached $224.2 billion, or up $0.4 billion more than October exports. Imports totaled $304.4 billion, up $13.4 billion from October.
WTI crude prices approach $78/bbl
In energy news, WTI crude oil prices reached $77.85 per barrel, the Energy Information Administration reported.
The price is up by $1.29 per barrel from a week ago.
Yesterday, MetalMiner’s Stuart Burns weighed in on oil price trends.
“The coronavirus recovery is varied depending on the region. Some countries are ahead of others, but the integrated nature of the global market means recoveries are across the board and, with them, oil demand,” Burns explained.
“The oil market has been in supply-demand deficit for six quarters in a row but forecasts indicate it could be broadly in balance in Q1 2022. As such, price pressures could ease.”
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