Copper prices began a new round of gains, coupled with historically low inventories. The main reason is the global liquidity easing after the epidemic. Currently, the explicit inventory level of copper stock is at historic lows, which is supportive of copper prices.
Rising costs lead to rising copper prices. This is mainly due to higher labor costs, fuel and other production costs. Power costs and sustaining capital expenditure levels are expected to decline.
The production cycle of copper mines is long, and capital expenditures limit supply growth. the decline in copper prices in 2015 weakened the willingness of miners to spend on capital expenditures, and future growth on the supply side of copper mines will be limited.
Currently, copper demand is dominated by traditional areas, and the proportion of new energy sources will be gradually highlighted in the future.
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