Copper futures held above $4.1 per pound, holding the rebound from the five-month low of $3.95 touched on August 7th as markets continued to gauge the magnitude of poor demand among the world’s top consumers. Trade data showed that copper exports out of China eased from recent record highs, raising hopes that the plunge in domestic consumption has bottomed, and preventing domestic producers from having to scramble for foreign clients to meet sales. Still, the broad view of weakening manufacturing in China held year-to-date losses, with the NBS and the Caixin manufacturing PMIs pointing to contractions in July. Base metal demand is set to remain muted in the country as Beijing refrained from passing significant stimulus in its recent Third Plenum. Additionally, reports that some Chinese smelters are pursuing new projects to comply with output mandates challenged earlier reports of a joint production cut to lift treatment charges, easing supply concerns.
Copper increased 0.32 USd/LB or 8.36% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Copper reached an all time high of 5.20 in May of 2024. Copper - data, forecasts, historical chart - was last updated on August 25 of 2024.
Copper increased 0.32 USd/LB or 8.36% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper is expected to trade at 4.14 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.35 in 12 months time.