Uptrend in tin, copper in region could last till year-end, say traders

KUALA LUMPUR, Jan 17 (Bernama): The uptrend in the global copper and tin markets are expected to last until year-end before giving any signs of retreat, traders said.

Supported by the optimism on the positive Covid-19 vaccine development globally, tin and copper prices could potentially rise up to US$22,000 per tonne and US$10,200 per tonne, respectively, a trader said to Bernama.

"Although Covid-19 cases have been increasing worldwide, copper prices were boosted by the progress in the development of a possible vaccine -- the delivery of which could revive the global economy and galvanise metal demand.

"Being the bellwether for the global economic health, copper had hit its highest in two and a half years,” he said.

He said that the positive vaccine news should support industrial metals, moving forward, as it means that economies can begin to open up.

"Surely there will be a resistance level. Fundamentally, it is difficult to predict due to the uncertainties in the United States’ (US) political landscape, and it also depends on the world geopolitical development.

"One thing for sure, billions of people need to be inoculated to ensure that the virus is no longer a threat to vulnerable members of society or poses an existential threat to renewed economic growth,” he added.

Another dealer said that governments around the world must figure out how to wind down their massive stimulus packages.

"In the US, the turbulent four-year presidency of Donald Trump is ending with Joe Biden taking over, and the United Kingdom is facing the real Brexit moment, to name just one more (historical) landmark. It’s for once a genuine turning point,” he noted.

He said that at the moment, copper prices have been on an uptrend for three consecutive days amidst optimism due to the US$1.9 trillion stimulus plan by President-elect Joe Biden.

"Meanwhile, spreads (copper futures) traded in a volatile session last night, with bids on forward spreads Jun 2021 and beyond especially strong,” he added. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Tin , Copper , Uptrend , Covid-19 , Vaccine , Optimism


Did you find this article insightful?


Next In Aseanplus News

Asean News Headlines as at 7pm on Wednesday (March 3)
Stop the repression, Pope Francis tells Myanmar junta
Myanmar police 'shoot protesters with little warning', killing at least nine
Two sessions to set bold economic vision for China
Miss Universe Thailand fired as mental health ambassador
Vietnam's Van Don International Airport reopens
Lack of Covid jab for kids will make family vacations to Thailand impossible: research
Indonesian security forces kill two suspected militants
China concerned about racial discrimination against Chinese in Australia: FM
Thai Cabinet okays MoU on expanding trade ties with Russia

Stories You'll Enjoy