The International Copper Study Group stated in its latest bulletin yesterday that the global refined copper market showed a 155 000 tonne deficit in September compared with a deficit of some 72 000 tonnes in August. During the first 9 months of 2020, the copper market experienced a 387 000 tonne deficit which compares with a 328 000 tonne deficit over the same period in 2019. This will undoubtedly lead to thoughts of this trend continuing and as such those bullish copper will find this a strong anchor from which to launch more aggressive position building in due course.
After months of negotiations, Congress eventually approved a fresh stimulus package of $892bn that has now been sent through to President Trump for signing. That will offer households some relief and will give those recipients of the original support a bit more breathing room. It was set to expire this weekend. The Democrats remain unhappy with the outcome, and will likely push for more in the New Year once Biden is president. Much will also depend on whether Georgia senate seats fall the way of the Democrats or whether the Republicans are able to hold on to their slim majority.