Copper Reaches 3 Month High First Week of August

by Zagros on August 4, 2020

Sierra Resource Group, Inc.: Copper Reaches 3 Month High First Week of August
Marketwire    ”Press Releases “
KINGMAN, AZ  — (MARKET WIRE) -  08/04/10  -  Sierra Resource Group, Inc.  (OTCBB: SIRG) is the owner and operator of 80% of the  Chloride Copper Mine .  The Chloride Copper Mine  property consists of 37 unpatented lode mining claims and 12 mill-site claims and is located 24km northwest of  Kingman , in the  Wallapai District ,  Mohave County, Arizona .

The Chloride Copper Mine  has an open pit mine and an existing SX/EW processing plant which operated in 1995 before being idled in 1996 due to low copper prices. With Copper prices now reaching new highs we expect the mine to continue operations in early 2011.

Copper reached a 3 month high in  New York  this week trading above  $3.40  a pound, on speculation that  China’s  government may cut back on Policies aimed at slowing economic growth. “Policy easing is likely to have a positive impact on activity in the construction sector,” said  Daniel Major , an analyst at RBS Global Banking & Markets in  London . Construction accounts for a quarter of copper demand, according to the  Copper Development Association  (www.copper.org). (Full article: http://www.bloomberg.com/news/2020-08-02/copper-gains-to-three-month-high-in-london-wiping-out-this-year-s-decline.html)

Copper futures jumped 12 percent in July, the biggest monthly gain in a year, on speculation that the global recovery will be resilient.  China  is the world’s largest copper user followed by  the United States  and  Europe .  Ivanhoe Mines Ltd.  said copper will outperform gold because of Chinese demand and the nascent electric car industry. “We need more copper in the next 20 years than was mined in the last 110 years,” Ivanhoe Chairman  Robert Friedland  said today at the Diggers and Dealers conference in Kalgoorlie,  Western Australia . (Full article: http://www.bloomberg.com/news/2020-08-04/ivanhoe-s-friedland-says-copper-will-outperform-gold-on-chinese-demand.html)

According to The Gold Report, “Even if emerging economies’ demands for copper were to falter,  Jennings Capital Inc.  Mining Research Analyst  Peter Campbell  sees plenty of polish on copper ahead. One big reason: Even a gradual climb out of recession will prompt North American and European manufacturers to replenish inventories as they begin restoring production to pre-crash levels. As for the copper companies themselves, he tells The Gold Report that some of the best bets lie with emerging producers that are prepared to augment diminishing supplies with new finds.” (Full Article http://seekingalpha.com/article/155672-the-bullish-case-for-copper)

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Tagged as: Association Www, Chinese Demand, Copper Development Association, Copper Futures, Copper Mine, Copper Prices, Diggers And Dealers, Diggers And Dealers Conference, Global Banking, Global Recovery, Ivanhoe Mines Ltd, Kalgoorlie Western Australia, Kingman Az, Markets In London, Marketwire, Mining Claims, Mohave County Arizona, Otcbb, Resource Group Inc, Robert Friedland

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