Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

There is a record boom in the commodity market globally. Apart from steel, aluminum, copper is also doing business at a record level. On Thursday, the price of copper in the international market has crossed a record $ 10,000 per ton. The price of Shanghai copper has also reached the highest level in the past 10 years. Copper futures are also at record highs in the past decade in London, amid concerns over supply and weak dollar.

Information and agencies related to the commodity market say that in the coming time, the price of copper will see a boom. There are several reasons for this record boom in copper. For example, economic recovery has been seen worldwide, industrial copper consumption has increased in China, and Chile, which produces about a quarter of the global copper, has announced a tax of 75 per cent on its mining. Apart from this, due to the increasing trend of electric vehicles, the demand for copper is increasing.

If we talk about the Indian market, the price of copper was at the highest level till last week. Copper futures on Thursday were up 0.53 per cent at Rs 765.10 per kg. Copper futures for May delivery on the Multi Commodity Exchange (MCX) gained Rs 4, ie 0.53 per cent. The demand for copper has increased in India too.

Why is the copper price rising so fast?

1. Demand more and supply less: Sometime ago the Chilean Port Workers and Mining Association opposed a bill by the government. In fact, the Chilean government had introduced a new bill, under which workers were asked to block premature withdrawal from their pension funds for the third time.

About a quarter of the total global copper production comes from Chile. After the opposition of the association and the workers, the copper supply decreased and prices increased.

Apart from this, due to Kovid-19 in South America, many major commodity exports like iron ore and copper have been affected. Even in America, the importance of copper is seen as a raw material in Joe Biden's infrastructure plan.

However, in terms of supply, copper output in Peru has gone up by about 19 percent during the month of March. Globally, there has been some relief from this.

2. Less inventory: There has been a sharp decline in registered copper inventories on the London Metal Exchange. Analysts estimate that there has been a downward trend in this. As of 26 April 2021, the copper inventory at the London Metal Exchange was only 1,55,100 tonnes. In the second fortnight last month, it has reduced by 10 per cent.

3. Demand increased: Construction activities in China have increased this year. After this, the demand for copper in China has also increased. Let us know that half of the total consumption of copper in the world is from China. Analysts say that China consumes the most copper and now demand has increased due to large scale construction here. This is also a reason why the price of copper is getting faster.

A boom in economic development is now being expected in America. It will also have an impact on global economies. In the era of Kovid-19 crisis, countries around the world have announced an incentive package. On the other hand, good news is also coming about the corona vaccine. Both these factors have affected the price of copper.

4. Green Infrastructure: Demand for electric vehicles is increasing worldwide to reduce carbon footprint and promote the use of clean energy. Electric vehicles use twice as much copper as internal combustion engines. In such a situation, with the increase in demand for electric vehicles, the demand for copper will also increase.

What is the estimate of agencies?

In a recent report by Goldman Sachs, estimates say that by 2025, copper prices can reach $ 15,000 per tonne. The report titled 'Copper is the new oil' says that banks believe that by 2030, the annual demand for copper will rise by 900 per cent from the current level to 87 lakh tonnes.

Trading houses Trafigura Group and Bank of America also believe that copper prices have increased. Bank of America says that in the coming months, the price of copper can reach $ 13,000 per tonne.


Passengers will get free Wi-Fi at 15 stations of Kashmir Valley, this facility has been found in more than 6 thousand places in 5 years

Passengers will get free Wi-Fi at 15 stations of Kashmir Valley, this facility has been found in more than 6 thousand places in 5 years

The Railway Ministry said on Sunday that public WiFi has been made available at 15 railway stations in the Kashmir Valley, including Srinagar. Apart from providing Wi-Fi in the stations of these states, so far 6021 stations with RailWire Wi-Fi facility have been built in India.

Wi-Fi of Indian Railways is being made available under the brand name of Railwire. This public Wi-Fi is available at 15 stations (Baramulla, Hamre, Pattan, Majhom, Budgam, Srinagar, Pampore, Kakapora, Awantipora, Panzgam, Bijbehara, Anantnag, Sadura, Qazigund, Banihal). On the other hand, Railwire WiFi is already available at 15 stations including four district headquarters in Jammu region.

In fact, the Ministry of Railways had entrusted the Internet company RailTel to provide public Wi-Fi at all railway stations. The vision behind this work was to transform the railway platform into a platform for digital inclusion. At the same time, this Wi-Fi network of RailTel is spread in more than 6 thousand railway stations across the country and it is one of the largest Wi-Fi network in the world.

Wi-Fi plays an important role in connecting people

Railway Minister Piyush Goyal said that RailWire WiFi available at these 15 new railway stations in Jammu and Kashmir can be used by passengers with smartphones and working mobile connections. Wi-Fi plays an important role in connecting people.

He said that Indian Railways, in association with its RailTel Corporation of India Limited, is playing a vital role in bringing high-speed Wi-Fi to every nook and corner of the country. Today, on World Wi-Fi Day, I am happy to announce that 14 stations in Srinagar and the Kashmir Valley have become part of the world's largest integrated public Wi-Fi network connecting over 6,000 stations across the country. went. "

Important Steps for Digital India Mission

With this, all stations in the Valley now have public Wi-Fi, Goyal said. This is an important step for the Digital India mission and will go a long way in connecting people. I commend the team of Indian Railways and RailTel, who worked tirelessly to achieve this remarkable feat.


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