Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd
Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Research Associate: Base Metals, Angel One Ltd
Copper prices continue to extend weakness, as prices plunged to their lowest point in over two weeks as several factors converged to weigh on the market. A notable surge in copper inventories, soaring by 21% to 133,850 metric tons and reaching levels not seen since October, was a stark reminder of the supply-demand dynamics. Additionally, the robust U.S. dollar, bolstered by strong economic data and lower jobless claims, exerted downward pressure on copper and is expected to persist throughout the year.
China, the world's largest copper consumer, experienced a 5% drop in copper imports in August compared to the previous year, reflective of weak demand amid a challenging economic environment.
Rising domestic copper production also contributed to reduced reliance on imported copper. Despite the import decline, domestic copper output surged by 15.5% year-on-year in August, reaching a record 989,000 tons, driven by strong demand for raw materials like copper ore and concentrate, which hit a record high.
Overall, China's unwrought copper and copper products imports have decreased by 10% in the first eight months of 2023 compared to the previous year, underscoring the ongoing challenges in the copper market
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