As supply tightens and global manufacturing picks up, copper prices are close to a 15-month high.
The Zhitong Finance App learned that as supply tightens and the global manufacturing industry picks up, copper prices are close to a 15-month high.
Since this year, copper prices have risen nearly 10% as disruptions in major mines threaten refined metal production at Chinese smelters. China's smelters account for more than half of the world's supply. The Federal Reserve is expected to shift to a more relaxed monetary policy this year, which also makes the outlook for the global economy brighter.
Dutch International Group said that copper prices are likely to rise this quarter, which is the season with the strongest demand for copper. Dutch International Group expects the average copper price to rise from 8,539 US dollars per ton in the first quarter to 9050 US dollars. However, weak demand in the real estate market “and lingering uncertainty about US monetary policy” may limit the increase in copper prices.
As of press release, copper prices on the London Metal Exchange fell 0.1% to $9,398.50 per tonne, hitting $9,484.50 per tonne on Monday, the highest level since January 2023. Prices of other base metals fell, and zinc fell 0.4%.