After rallying to its highest level since 2014, the copper never left the highest podium.
Last Friday, the metal’s futures contract for December delivery notched a 3.1% increase. It settled at $3.3015 per pound and $7,276 per tonne in the Comex market.
Today, it is in the running to end the week, still trading in the green.
The three-month price in the London Metal Exchange managed to record significant gains in early trade and settled at a new high of $7,407 per tonne.
According to market experts, the surging price of precious metal indicates the consumer shift towards green growth.
In the past month, along with the pandemic, the market recorded impressive sales on electric vehicles. Copper is one of the key components in this factor.
With these successive developments, analysts project that traders might see developments of wind farms, a growing number of EV makers, among others in the coming days.
All these are staples of a green economy.
Recently, the majority of the developed countries announced their plans on venturing further towards zero-carbon emission.
In its long-term outlook, China stipulated its commitment towards becoming carbon neutral by 2060.
Similarly, in a recent statement, Japan’s ruling party urged the government to allocate better attention to green investment.
Such includes penetrating further on electric vehicles and sustainable battery manufacturing on which copper plays an imperative role.
Chinese demand for the precious metal remains undaunted, becoming the main driver for recent rallies.
The country currently accounts for about half of the world’s total imports on the base metal. It imports more than it did in the previous year.
Nickel Will be the Next Big Thing
Currently, investors are keeping keen monitoring on the movements back in the United States and the United Kingdom in their respective resolve towards clean energy.
Should both key markets resorts to allocate greater funds on wind and solar energies, including electric grid infrastructures, then the copper price has further gains to make.
It is widely used in electrical equipment due to its capability of being a god conductor to heat and electricity.
While all the attention today rests on the bronze component, it will not be long until Nickel ascends to power.
As asserted by Tesla’s chief executive, Elon Musk, the miners must allocate better resources on the lustrous metal due to its ubiquitous usage.
Nickel is one of the critical components in electric vehicle manufacturing and is known for its sustainable characteristics and affordable price.
