Copper has been even more volatile than usual of late. According to this article from CNBC, “Copper bounced on Tuesday as traders and funds reversed bets on lower prices after China’s central bank moved to offset the damage to economic growth and demand from the coronavirus in the top consumer.” To summarize:
- China’s copper demand fell due to the coronavirus
- But… traders are looking beyond the coronavirus, when demand will rise again
- A U.S.-China trade agreement awaits following the coronavirus interruption
Copper is up $.03 today, and has been up as much of $.05 earlier today. Because of this, Copper mills have recently announced a multiplier increase of 2.5%. We are reviewing the increase and will advise you first thing tomorrow morning, but we will accept orders at current levels through end of day today (2/4/20).
Please call your United Pipe or Merfish representative to place orders now.