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Copper rises, antimicrobial potential flagged

US markets closed lower as earnings season continues and COVID-19 cases in the country surpassed the 1 million mark.
Copper rises, antimicrobial potential flagged Copper rises, antimicrobial potential flagged Copper rises, antimicrobial potential flagged Copper rises, antimicrobial potential flagged Copper rises, antimicrobial potential flagged

First Quantum Minerals’ Cobre Las Cruces copper mine in Spain

Staff reporter

European markets closed higher and Australasian markets were mixed, with Japan on holiday today and China entering a five-day break on May 1.

Most market futures were pointing higher.

Copper rose about 0.5% on the London Metal Exchange yesterday.

Jefferies has pointed to the potential for copper demand growth to exceed GDP growth "for multiple years" - due to higher use of copper alloys in shared surfaces as well as structural demand growth for copper in EVs and renewable energy.

Analysts led by Christopher LaFemina said studies had shown copper surfaces killed some bacteria and viruses on contact, reducing the risk of infection spreading from shared surfaces.

"As of today, the use of copper alloys in hospitals is, surprisingly, not yet widespread," he said.  

Meanwhile major producers Freeport-McMoran and First Quantum Minerals this week both reduced copper guidance due mainly to the impact of COVID-19.

Freeport-McMoRan (NYSE: FCX) closed 0.68% higher in New York while First Quantum (TSX: FM) finished 1.4% lower in Toronto.