Current situation:
- The Producer Price Index for copper tube and fittings was up 1.4% month-over-month (up 0.8% in the last update) and was down 1.1% year-over-year (also down 3.3% Y/Y last month).
- Price: 1 year ago - $2.88; 6 months ago - $2.61; 30 days ago, $2.85; 2/14/20 - $2.60.
Key factors that could affect supply or price:
- Copper is trading higher today, but there is much uncertainty in the market as coronavirus fears mount.
- China copper stockpiles have reached an 11-month high due to decreasing demand and factory shutdowns. The Fed is warning of potential risks and economic impact on the global economy. Trying to read the tea leaves on the direction of pricing over the next 30 - 60 days would be guesswork at its finest.
