Open Demo Account
Home / Market Update / Commodities / Copper Surges after Being Called the New Oil

Copper Surges after Being Called the New Oil

M. Ali 16 April, 2021 1:45 am Commodities, Market Update

Copper prices surged on Thursday to their highest level in about a month and a half, amid positive economic data prompting expectations for higher demand, amid concerns about limited supplies of the red metal.

Copper futures for May delivery rose by 2.2% to settle at $4.22 a pound, reaching its highest closing level since March 2.

Yesterday, Goldman Sachs raised its expectations for copper prices, expecting an average of $11,000 per metric ton during the upcoming 12 months, calling the red metal “the new oil”

Increased demand for copper is expected amid a shift towards clean energy sources around the globe,

Tags

Check Also

Bitcoin Holds Steady, Eyes Long-Term Gains After Fed’s Rate Cut

On September 17, 2025, the Federal Reserve cut interest rates by 0.25% to 4%-4.25%, a …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends