Copper prices fell to their lowest since November 2022, breaking through $8,000 a tonne. The reason was the situation in China, its largest importer - the pace of its economic recovery was China, its biggest importer, is recovering at a slower pace than analysts and investors expected, reports profinance.ru. China consumes about 50% of the world's copper.
The negative factor was the weak macrostatistics for April,
published on Wednesday. As noted by Citigroup, it is alarming,
because it shows that the real results of the country
are quite modest. That factor has caused a significant
decline in metal prices in recent weeks. However, according to
Goldman Sachs, if players stop fearing a global recession,
they will shoot up, and copper will rise to $10,000 a tonne by May
next year. The bank is known for its bullish outlook on it.
At the moment, copper supply exceeds demand, and since
is likely to further increase its volume in the global market, prices
are declining, said the head of trading at Yonggang