DRC Copper Slips Slightly to $8,570.35/Tonne in August’s First Week 2023
During the first week of August 2023, copper recorded a slight drop in price of around 0.58% weekly on the international markets.
According to the note on the economic situation of the Central Bank of Congo (BCC), the price of a ton of copper was valued at 8,570.35 USD during the period under analysis.
At the LME level, copper for 3-month delivery was trading at midday on Monday August 14, 2023 around USD 8,300 per tonne, up slightly from the low of USD 8,251 hit earlier. The price of the red metal has fallen by 7% since August 1, 2023.
Following the situation of real estate tension in China, experts believe that the country of Mao Zedong is not going to announce a massive recovery plan for this sector.
“China probably won’t announce a massive stimulus package for its real estate sector, but it needs to be stabilized,” said Michael Widmer, analyst at Bank of America.
The latter estimates that the world copper market should register a deficit of 253,000 tonnes this year, and consumption should increase by 1.8% year on year to 25.6 million tonnes.
