Previous close | 8.260 |
Open | 8.260 |
Bid | 8.340 x 0 |
Ask | 8.350 x 0 |
Day's range | 8.240 - 8.570 |
52-week range | 3.730 - 8.570 |
Volume | |
Avg. volume | 42,042,666 |
Market cap | 213.28B |
Beta (5Y monthly) | 1.39 |
PE ratio (TTM) | 16.68 |
EPS (TTM) | 0.500 |
Earnings date | 30 Apr 2024 |
Forward dividend & yield | 0.09 (1.13%) |
Ex-dividend date | 29 Jun 2023 |
1y target est | 8.21 |
Commodity traders Trafigura and IXM are looking to buy physical copper to deliver against large short positions on U.S. exchange CME where copper prices soared to record highs on Wednesday, five sources with direct knowledge of the matter said. A short squeeze occurs when parties holding such positions are forced to buy them back at a loss or deliver physical copper to close them out. Copper prices on COMEX, part of the CME Group, hit a record peak of $5.1775 a lb or $11,414 a metric ton on Wednesday, a gain of 28% so far this year and 14% over the last week.
Commodity traders Trafigura and IXM are seeking physical copper to cover large bearish positions on the CME exchange, where U.S. copper futures surged to record highs on Wednesday, five sources with direct knowledge of the situation said. A short squeeze occurred as parties who bet on lower prices were forced to either buy back their positions at a loss or deliver physical copper to close them out. U.S. Comex copper May futures hit a record peak of $5.18 a lb and was last trading down 0.6% at $4.93 at 1443 GMT, gaining 28% so far this year and 14% in the last week.
China's CMOC Group overtook Glencore to become the world's largest producer of cobalt last year as it ramped up its new Kisanfu mine in the Democratic Republic of Congo. Kisanfu, in which Chinese battery giant CATL owns a minority stake, has flooded the cobalt market. The Cobalt Institute estimates global production exceeded demand by 12,500 tons in 2023, making it one of the "biggest surpluses in recent years".