By BUUMBA CHIMBULUTHE copper price has topped US$10, 000 amid a global energy crisis that is knocking supply offline and heaping pressure on fabricators scrambling for metal.The copper price continued to rally on Thursday amid a global energy crisis that is knocking supply offline and heaping pressure on fabricators scrambling for metal.Copper for delivery in December rose sharply for a second day in a row on the Comex market in New York, touching US$10,200 per tonne, the highest since the beginning of June.According to Mining.Com, copper climbed as much as 3.6 percent to US$9,994 a tonne in London. It stated that the cash-to-three-month spread was trading at the biggest gap since 2012, as global exchange inventories plummet. “Five out of the six base-metal contracts on the London Metal Exchange are now in backwardation (prompt delivery metal pricier than futures), signalling broad pressure on spot supply.“The rally fed through to producers, with shares in BHP Group up 3.8 percent, Glencore plc up 3.3 percent, […]
COPPER PRICE HITS $10,200 PER TONNE
