After struggling with falling copper prices since 2011, producers of the red metal are finally recording profits thanks to this year’s upswing. And, according to analysts at S&P Global Market Intelligence, the miners’ profit margins are set to grow further in 2018.
As of October 30, prices for the industrial had increased 24% since the start of the year and by 58% since the lowest price seen in recent history — $1.96 a pound in January 2016.
Some, such as S&P senior research analyst, Adam Webb, attribute the price recovery to lesser pressure to cut costs at copper operations, despite some upward pressure on mining costs.
