All-metal craze! Gold, silver and copper fly together
What I saw on Wall Street
Many western funds missed the rise in gold prices, but it is clear that they do not want to miss the copper market.
At the level of bronze history poetry in New York.SinglezeroroulettewheelUnder the influence of, the global metal market ushered in a wave of "all-metal craze".
Copper prices hit record highs on the New York and Shanghai exchanges this week. On Friday, the price of copper on the London Metal Exchange also recorded 2. 5 percent.SinglezeroroulettewheelThe increase of .8% is approaching the all-time high in March 2022.
At the same time, the price of silver climbed to an 11-year high and gold recovered to an all-time high in April.
Silver: the next commodity to explode?
Phil Streible, chief market strategist at futures firm Blue Line Futures, said the sharp rise in copper prices has boosted silver prices because silver is also seen as an industrial commodity and is widely used in areas such as solar cells. He said:
"the three main factors affecting commodity prices are supply, demand and price trends, which silver currently has."
Prices of both industrial and precious metals have risen sharply this year, driven by a tight physical market and strong investor interest.
Wall Street mentioned that although the headlines are mainly focused on gold, after all, gold has set a record many times this year, but it is actually silver that has risen faster and faster. After a relatively bigger rise, silver is still cheap compared with gold. It currently takes about 80 ounces of silver to buy an ounce of gold, compared with an average gold-to-silver ratio of 68 over a 20-year period.
However, in the face of the upsurge of silver, many analysts also hold a relatively cautious view:
Volatility in the global precious metals market intensifies
Volatility in the global precious metals market intensified as supply disruptions caught the market off guard and traders with a large number of short positions closed their positions. LME nickel prices surged 7.9 per cent on Friday following violent protests in New Caledonia, the world's third-largest nickel producer, according to data.
Al Monroe, metal strategist at Marex Base in London, said:
"despite the market discussion about current weak demand, we are facing a supply problem, as the copper and nickel markets have shown. We are talking about the futures market, and the demand in the future looks strong. "
In recent months, the long-short showdown in the copper market has focused on supply shortages and expectations of demand growth. There has been a sharp shift in market forces this week, with a wave of shorting in New York causing heavy losses for traders holding short positions.
In the global copper market, traders are scrambling to find metal delivery for contracts expiring in July, but are also facing supply constraints and shipping bottlenecks.
On Friday afternoon, copper on the London Metal Exchange hit $10707 a tonne, close to a 2022 high of $10845, while Comex copper for July delivery rose 3.2 per cent. The price of gold rose 1.3% and the price of silver rose 3.7%. Gold, silver and copper-related stocks also rose.
Matthew Heap, a portfolio manager at Orion Resource, the world's largest metal fund manager, said:
Many western funds missed the rise in gold prices, but it is clear that they do not want to miss the copper market.
This reflects that there is a clear story in the copper market, and the reason for the rise in prices can be explained simply even in elevators. "
Risk reminder and exemption clause
There are risks in the market, so you need to be careful when investing. This article does not constitute personal investment advice, nor does it take into account the special investment objectives, financial situation or needs of individual users. Users should consider whether any comments, opinions or conclusions in this article are in line with their specific circumstances. If you invest accordingly, you will be held responsible.