Copper Price Hits New Record High
LME copper selling price exceeds November record high
London Metal Exchange (LME), NEWS, MEP, Copper, Metals
The copper selling price has hit a new on the London Metal Exchange of over US$9000/t, exceeding the previous mid-November high of US$8483/t.
The cost of copper has undergone substantial changes over the past few years. The raw material price fell dramatically at the start of the economic crisis, before rising to a record high in November this year.
Copper Price Hits New Record High
“The big difference, apart from the price level, is the extreme volatility of the price. Gone are the days of a stable price and gentle fluctuations of a few hundred dollars,” said Andrew Shaw.
With the material an essential ingredient of many products used in MEP, it has had inevitable knock-on effects on the construction industry.
Products such as HV cables, busbars, transformers and copper pipes and fittings, where the copper value may be 80% of the total price, for example, will be affected much more than those such as control cables, switchgear and air-con units, for which copper may only represent around 25% to 30% of the total price.
“It is a commodity just like oil, affected by political and economic factors. Prices of commodities and raw materials always fluctuate,” said Al Habtoor-Specon MD Thrasos Thrasyvoulou.
“The demand from China for this commodity is probably the largest cause of the volatility, but it is also affected by the dollar exchange rate, economic states and trends, and the fact that for the first time in over five years the stocks of copper have been reduced by over 30%,” said Darren Harper, engineering and business development manager at Prime Electrical Manufacturing and Apex Wiring Solutions.
Codelco, the world’s largest copper producer, expects prices to remain at record levels in 2011 as demand rises, CEO Diego Hernandez said. “The copper market probably will be in deficit by about half a million tons in 2011 as demand gains between 4% and 5%,” said Hernandez.
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