The raw material is used in the electrical industry, mechanical engineering and construction – and in the future it will be used more and more in the construction of electric cars and in the expansion of renewable energies.
(Photo: dpa)
Frankfurt The copper price has recently moved away from its low for the year. On an annual basis, however, it is still around 15 percent in the red, on Thursday and Friday it went down again.
Analyst Nitesh Shah from the fund provider WisdomTree sees this as an entry opportunity for investors: “In the long term, the supply situation will remain tense.” In his estimation, further price setbacks will therefore open up buying opportunities.
Copper is often used in the construction industry and is therefore considered an economic indicator – but it is also a central component of the energy transition. The reddish metal is indispensable for e-cars, wind power and solar systems, power grids and battery storage. However, this is not reflected in the price. The three-month futures for a tonne of copper are trading at around $8,300 – well below record highs of around $10,600.
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