(VIANEWS) – Votorantim, a Brazilian conglomerate is looking for copper assets. The clean energy transition is expected to see a rise in demand for wiring metal.
Bloomberg Quint confirmed that The group’s Nexa Resources SA, the fourth largest producer of zinc in the world, wants to expand its exposure to copper. Chief Financial Officer Rodrigo Menck stated that Nexa Resources SA is looking at expansions to existing mines as well as possible acquisitions.
The Sao Paulo-based business, which trades in New York, is looking for smaller properties that will match its financial capabilities while also adding value. It has mines and smelters in Brazil and Peru, and it is eyeing projects in the Americas and Africa in the hope that the push toward renewable energy and electric cars would increase demand for one of the most conductive metals.
Copper (HG) is currently on bearish momentum. At 05:04 EST on Tuesday, 3 August, Copper (HG) is at $4.38 and 1.15% down since the last session’s close.
Today’s last reported volume for Copper is 19043, 100% below its average volume of 20328034152.96.
Regarding Copper’s daily highs and lows, it’s 0.994% down from its trailing 24 hours low of $4.43 and 1.273% down from its trailing 24 hours high of $4.44.
Copper’s last week, last month’s, and last quarter’s current volatility was 0.90%, 0.21%, and 1.06%, respectively.
Copper’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 1.70% (last week), 1.18% (last month), and 1.06% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Copper’s commodity is considered to be overbought (>=80).
News about Crude Oil
WTI crude oil forecast: market continues to plow higher – 02 August 2021. According to DailyForex on Monday, 2 August, “The West Texas Intermediate Crude Oil market continued to show signs of strength during the trading session on Friday as it tried to break towards the $75 level. ”
More news about Copper (HG).