Copper: long-term promise cannot overcome bearish tone - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Copper: long-term promise cannot overcome bearish tone

The red metal has further to fall this year, which may explain the growing net short positions of copper traders
00:00

{"text":[[{"start":12.22,"text":"If physicians make the worst patients, Dr Copper is suffering. "},{"start":16.324,"text":"Said to offer a prognosis on the world’s economic health, copper’s price has dropped more than a third since early March. "},{"start":22.654,"text":"The red metal’s vital role in the impending energy transition seems to have lost its urgency. "},{"start":27.722,"text":"A good long-term prognosis does not prevent further falls in the short term. "}],[{"start":32.89,"text":"Copper’s long-term positives are legion. "},{"start":35.719,"text":"For one, supply dwindles each year as the percentage of copper in mined ores diminishes, raising costs. "},{"start":41.662,"text":"Economies shifting away from fossil fuels also require more copper. "},{"start":45.879000000000005,"text":"Wiring electric cars and buses — hybrid and full battery — will require 1.2mn tonnes of copper in 2025. "},{"start":53.359,"text":"That is more than double the amount needed last year, says the International Copper Association. "},{"start":58.427,"text":"World consumption is about 24mn tonnes. "}],[{"start":62.47,"text":"But the long term matters little to those losing money in copper miners now. "},{"start":66.849,"text":"London-listed Chilean copper miner Antofagasta trades on an enterprise value to ebitda multiple of just four times. "},{"start":74.029,"text":"That is at decade lows, never mind that the underlying commodity sits at only the midpoint of its own 10-year range. "}],[{"start":81.13,"text":"The price of copper has fallen near the long-term economic price of roughly $3 per pound, around which the traded value fluctuates. "},{"start":88.77199999999999,"text":"Six years ago, notes Tom Price at Liberum, analysts would have pointed to that price as providing an incentive to production. "},{"start":95.502,"text":"Back then, China’s economy also had slowed sharply and its property market looked in serious trouble. "},{"start":101.13199999999999,"text":"Copper touched $2 and rebounded. "},{"start":103.58699999999999,"text":"See that as a worst-case scenario. "}],[{"start":106.84,"text":"Even so, that suggests copper has further to fall this year. "},{"start":110.757,"text":"It may explain the growing net short positions of copper traders as reported by the US Commodity Futures Trading Commission. "},{"start":117.224,"text":"That net sell position has been larger in recent history, but not by much more. "},{"start":121.729,"text":"Keep monitoring the patient’s vital signs. "},{"start":124.409,"text":"Copper’s sell-off has not finished. "}],[{"start":126.54,"text":""}]],"url":"https://creatives.ftacademy.cn/album/77465-1657936431.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

华尔街对大型科技公司2000亿美元的人工智能支出感到担忧

本周,美国四大互联网集团的AI效益初现端倪,但也警告说将增加支出。

地中海已经变成危险的“汽油桶”了吗?

暴雨的部分原因是海水温度的危险上升。

从错失的投资机会中得到的教训

我是如何错过OpenAI、BrewDog和英国电信的?

决定特朗普贸易政策的内部竞争

在这位共和党候选人的第一个总统任期,其政府内部内斗不断。

政府顾问表示,英国应简化人工智能专家的签证程序

马特•克利福德关于促进科技产业发展的建议还包括设立数据中心特区。

为什么卡玛拉•哈里斯会赢

因为这仍然是经济问题,傻瓜。
设置字号×
最小
较小
默认
较大
最大
分享×