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Metals Surge as China Rebound and Geopolitical Tensions Drive Demand

19 Apr 2024 3:00 pm
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Mumbai, April 18 (Commoditiescontrol): Copper, gold, and other key metals are poised for further gains in 2024 as China's economic recovery and ongoing global uncertainties fuel demand, according to the Chinese state-backed research firm Antaike.

Investors are turning to metals with strong fundamentals and liquidity in the face of lingering geopolitical tensions, including the war in Ukraine and unrest in the Middle East. Additionally, the green energy transition continues to power demand, especially for copper.

Copper prices reached a two-year high on Friday, with the London Metal Exchange's (LME) benchmark three-month copper contract climbing to $9,843 per metric ton, a 14% increase since the start of the year. Shanghai Futures Exchange (SHFE) copper futures also hit a record high of 79,840 yuan ($11,025.80) a ton.

Antaike anticipates copper prices will climb further as capital inflows remain strong until potential interest rate cuts by the U.S. Federal Reserve. The firm points to a robust first quarter for copper demand, driven by electric vehicles, wind power, and AI-related technologies.

Gold and Other Highlights

Gold: Antaike sees strong investor appetite and rising production costs keeping gold prices elevated. Spot gold prices are hovering near their all-time high, with the research house forecasting a potential reach of $2,700 per ounce in the medium-to-long term. Tin: Demand for tin from Chinese electronics manufacturers is rebounding, particularly in the solar, appliance, and automotive sectors. Tight supplies due to production issues are also pushing tin prices higher. Antaike analysts expect similar gains for aluminum and silver. However, lead and zinc prices might face downward pressure from weaker demand.

(By Commoditiescontrol Bureau; +91-9820130172)

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