Copper Anticipated to Stay Below USD 9,000 Per Tonne This Week
The projections put forward by experts from the National Commission on Mercurial Prices indicate that the price of copper should fall slightly during the period from February 6 to 11, 2023 on the international market.
According to these experts from the Congolese Government, a ton of copper should sell this week at 9,221.40 USD against 9,265.15 USD per ton last week, a slight drop of around -43.75 USD. .
On the international market, copper fell amid doubts about the recovery in demand, tensions between China and the United States and a renewed strength in the dollar.
At midday, copper for 3-month delivery was trading at USD 8,900 after hitting a low since January 10, 2023 at USD 8,880 earlier.
The red metal has fallen nearly 7% since its peak at $9,550.50 on January 18, 2023.
The market is focused on China where economic growth fell in 2022 to its lowest level in almost 50 years, due to health restrictions and the crisis in the real estate sector.
According to industry experts, the fall in economic growth in China has cast doubts on the economic recovery.
“The growth figures cast doubt on China’s economic recovery. And manufacturing activity continues to contract. The dollar also exerts a strong influence on the complex. “, informs a trader.
