Copper edged higher on Monday as production stoppages at the world's two biggest mines lent support, though moves were muted as markets awaited further clues on U.S. infrastructure spending from U.S. President Donald Trump.
Wall Street heavyweight Goldman Sachs has been banging the bear drum on the copper price since the middle of last year. Its July 2015 research note was titled "Copper - lower for longer," which pretty much said it all.
Gold premiums in China, the top consumer of the metal, held near three-year highs this week amid short supply due to Beijing’s decision to restrict imports of the precious metal in an attempt to prevent capital from leaving the country.
China's exports and imports fell more than expected in October, with weak domestic and global demand adding to doubts that a pick-up in economic activity in the world's largest trading nation can be sustained.
Copper soars on the prospects of better demand created by the excitement of a Donald Trump presidency, but crude oil is being left out. Concerns that President Elect Trump would cause a surge in domestic oil production will be another factor that will make it harder for OPEC to cut production.
Uranium companies are struggling with the weakness in the uranium market; priced below $20/lb, U3O8 is at levels not seen in well over a decade. But Energy Fuels recently announced two diversification plays that could help insulate it from low uranium prices, and analysts are applauding the news.