The sixth consecutive weekly decline in copper prices.
Copper has been rebounding since yesterday – as a result, copper prices in the US are back around $3.65 a pound. That doesn’t change the fact that they still haven’t made up for the cuts from the previous days, so there’s a good chance this week will end in the red. This will be the sixth consecutive week of decline in the copper market.
Paul Taggart/Bloomberg
Copper prices this week are under pressure not only from the strength of the US dollar. Prices for this commodity are also negatively affected by disappointing demand from China, a country that is a major consumer of copper in the world.
Copper prices are one of the main indicators of the situation in the global economy. Their weakness shows that despite next summer – the busiest season for the construction industry, which uses large amounts of copper – demand still does not meet expectations.
US copper prices – daily data
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Signature: Dorota Sierakowska, Raw Materials Analyst, DM BOŚ
