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Title: Surging Copper Prices Highlight Growing Importance of Metal Recycling Companies (GWAV)

Carrollton, Texas, United States, 18th Jun 2024 - Copper prices have reached unprecedented levels due to a combination of financial speculation and anticipated supply shortages. Investment from banks, miners, and funds has intensified, driven by optimistic projections for copper’s future, especially in emerging sectors like electric vehicles, renewable energy, and artificial intelligence. This influx of speculative investment has exacerbated the price rally, particularly as supply concerns mount with potential smelter output cuts. The rally peaked in May due to a short squeeze in New York, underscoring global urgency to acquire the metal amid warnings of a significant supply-demand imbalance. China's copper scrap imports have significantly increased due to a concentrate shortage, triggered by First Quantum's loss of rights to operate the Cobre mine in Panama. This mine previously contributed 1% to the global copper supply. In response, Chinese smelters have ramped up scrap imports to mitigate the shortfall. Notably, imports from the U.S. surged by 37% in the first four months of 2024 compared to the same period in 2023, reaching 153,059 tonnes. However, the spike in U.S. scrap prices—reaching a record $11,460 per tonne on the CME—has prompted Chinese buyers to defer further U.S. shipments and consider pricing against the more favorable rates on the London Metal Exchange. This strategic shift is part of broader efforts by Chinese smelters to navigate concentrate shortages and sustain production amidst volatile market conditions.Metal recycling companies stand to benefit significantly from the soaring copper prices and tightening supply. As the value of recycled copper increases alongside the demand from sectors like electric vehicles and renewable energy, recycling...

This press release is issued by King Newswire