"Copper price hones in on $10,000 per ton as supply angst continues"

" Copper price hones in on $10,000 per ton as supply angst continues \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nCopper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that miners will struggle to service a surge in demand for the bellwether industrial metal.\r\n \r\nBase metals have posted broad gains in recent weeks, and copper opened Monday with a fresh advance to $9,988 a ton. Signs of improvement in manufacturing activity from the US to China have buoyed metals, although geopolitical risks and renewed uncertainty over monetary policy are clear risks.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nCopper\u2019s rally was fueled initially by a slew of disruptions at major mines that have left smelters rushing to find alternative supplies. Demand in China has been in a seasonal trough, but there are growing hopes that a tentative rebound in global manufacturing activity will help to shore up demand.\r\n \r\n \r\n\u201cThe path forward from here will be data-dependent and led by individual metal fundamentals,\u201d Citigroup Inc. analysts wrote in an emailed note. The copper outlook looks bullish in the next three months on the prospect of a tighter market and short covering, they said, while other metals have weaker physical fundamentals.\r\n\r\nThe rally has come even as investors contend with an apparent shift in the Federal Reserve\u2019s path toward interest-rate cuts, with Chair Jerome Powell signaling last week that it\u2019s going to take the bank \u201clonger than expected\u201d to be sure that inflation is under control.\r\n\r\nIn aluminum, orders to withdraw metal from Asian depots jumped for a fifth day, pushing the volume of stock that\u2019s available to other buyers toward record lows. Glencore and Trafigura were\u00a0 involved in large orders \u00a0to withdraw metal from the exchange last week,\u00a0 Bloomberg News \u00a0reported Friday.\r\n\r\nCopper climbed as much as 1.1% Monday to reach $9,988 a ton, before trading 0.2% lower at $9,861 at 3:53 p.m. local time. Other metals were flat to lower, with zinc falling 0.7% and tin down 2.4%.\r\n\r\n \r\n \r\n \r\n "

"Copper price hones in on $10,000 per ton as supply angst continues"

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