Copper prices hit a three-week low as doubts linger over the effectiveness of China’s recent pro-growth measures in boosting demand.
Copper Prices
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Copper prices dropped by 7 percent as traders react to China’s lackluster stimulus announcement, dashing hopes of a repeat of May’s price rally.
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BHP anticipates short-term surplus and long-term shortages in the copper market, predicting a major price surge due to future supply deficits.
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Antofagasta reports a 5% profit increase driven by strong copper prices, offsetting lower sales.
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Copper prices have plunged to a three-month low amid weak Chinese demand and rising global inventories, despite China’s recent interest-rate cuts.Â
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Rising capital costs and declining ore grades at legacy mines are driving a sustained bull market in the copper industry, presenting both challenges and opportunities for growth.
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Copper prices surge past $10,000 per tonne on optimism about Chinese stimulus and potential interest rate cuts. Analysts predict copper could reach new record highs, with supply concerns and the green energy transition adding further fuel to the rally.
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The copper market faces renewed caution from investors due to economic volatility, supply chain disruptions, and mixed signals from major economies, impacting market dynamics.
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Analysts predict funds will retreat from the copper market due to sluggish demand in China and high inventories, adding pressure to prices.
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Copper prices have experienced a rollercoaster ride in 2024, reaching record highs in May before retreating significantly. Experts are now downgrading their forecasts, citing factors like receding demand and potential supply increases.Â