Copper prices hit a nine-year high on supply issues, and signs of a new commodity super cycle.
In addition, “That big surge in demand met with that big shortage of supply, and I think that’s one of the explanations right now. There’s no question that stimulus and vaccinations and the eventual reopening of the economy is being priced in here, but some of this is a shortage of supply,” says Gina Sanchez, CEO of Chantico Global, as quoted by CNBC.
In addition, heavy demand for power generation, electric vehicles, charging stations, and perhaps plans to update the nation’s ailing infrastructure is driving copper prices higher. Goldman Sachs even just raised its 12-month price target to $10,500/t.
Plus, as reported by Mining.com, according to “Natalie Scott-Gray, a senior metals analyst at StoneX, forecasts copper demand in 2021 will rise by about 5% year-on-year, outstripping supply, which she expects to grow by 2.3% year-on-year. If her predictions come true, that means the global copper supply will move from a small surplus in 2020 to a potential deficit of more than 200,000 tonnes of copper this year.”
That’s bullish for copper companies, such as Freeport-McMoRan (NYSE:FCX). Southern Copper Corp. (NYSE:SCCO), Rio Tinto Ltd. (OTC:RTNTF), and Newmont Corporation (NYSE:NEM).
It’s Also Bullish News for West Mining Corp. (CSE:WEST)(OTC:WESMF)
West Mining Corp. just announced that it has engaged the services of Precision GeoSurveys Inc. of Vancouver, BC to conduct a high resolution airborne geophysical survey at its Kena gold and copper project in southeastern British Columbia. The survey will consist of approximately 300 line kilometres flown at 100 metre spacings using Precision’s proprietary three-sensor magnetic gradient system attached to a helicopter to help map the exploration essentials of structure, alteration, and lithology.
High level BC government magnetic data plus historic airborne and ground magnetic surveys conducted by previous operators on the northern portion of the Kena Property indicate gold mineralization appears to be associated with magnetic structures. The current airborne magnetic survey will overlap the southern portion of the historic survey as part of due diligence, and will extend to the south for an additional 8 kilometres. The goal of this survey is to identify and locate magnetic structures trending south from the prior survey area.
“As we continue to advance the project we are very pleased to have Precision conduct work on the Kena Southern zone and enable West to gather highly important data. The first class work and diligent reports that Precision provide will give the Company the accuracy to target and sample with greater efficiency, maximizing time in the field whilst minimizing costs,” noted CEO of West Mining Corporation Nicholas Houghton.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for West Mining Corp. by a third party. We own ZERO shares of West Mining Corp. Please click here for full disclaimer.
Contact Information:
2818047972
ty@LifeWaterMedia.com