On June 4, 2020, copper entered a bull market spurred by robust demand from China and hedge funds “closing bearish bets” according a report from Neil Hume at Financial Times.
Copper is used in almost all construction projects and white goods and is a large source of earnings for miners across the globe.
It was up over 20 percent from its March low by the evening of June 4, when it went over $5,330 a ton. Based on these prices, copper is now in its bull market phase.
“Economic data is signaling a robust recovery in the Chinese construction and manufacturing sectors during the second quarter,” declared Robert Edwards, principal analyst at consultancy CRU.
Half the world’s copper output is consumed in China. Chinese demand for copper has increased significantly since Beijing started relaxing its lockdown in March.
Supply dislocations have continued to rise as the Wuhan virus rocked South America, which is home to prominent copper mines. In Peru, mined copper production dropped by 33 percent in a year timespan on April to 1.5 million tons, according to the country’s Ministry of Mines and Energy.
Despite the chaotic nature of the Wuhan virus, China appears to be slowly bouncing back. The East Asian country is no joke and is a formidable adversary to the U.S. due its authoritarian ethos and expansionist agenda.
Once America is re-opened, it must go back to basics when it comes to dealing with China and developing rational strategies to contain Chinese influence.
VIDEO: Liberal Protestors Burn American Flag Outside White House in Defiance of Independence Day
Engaging in their own ‘tradition.’
Liberal protestors expressing their hatred of America’s Independence Day and the national heritage burned an American flag while protesting outside of the White House on Saturday, speaking openly of their hatred for the American tradition and civilization while doing so.
“One, two, three four! Slavery, genocide, and war! Five, six, seven, eight! American was never great!”
Liberals outside the White House now engaging their own “tradition,” namely, burning the American flag. pic.twitter.com/kCqOLL9YPm
— Richard (@Wildman_AZ) July 5, 2020
The protestors had earlier stomped on an American flag in protest of the national holiday and President Donald Trump.
— Jorge Ventura Media (@VenturaReport) July 4, 2020
Protestors have engaged in the burning of the American flag during previous July 4th protests, suggesting that the act is becoming a cultural liberal tradition of its own, an alternative to American Independence Day celebration.
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