Copper Prices Reach Six-month High At $8,711 Per ton
As of January 9, 2023, the price of a tonne of copper for delivery in three months on the London Metal Exchange has reached a six-month high of $8,711. Market experts attribute this increase to market optimism, particularly in light of China’s recent reopening of its borders, as the country is the top consumer of copper.
According to reports, for the last three years, transportation routes between mainland China, Hong Kong, and the rest of the world have been closed, as a result of the health policy put in place by Beijing since the outbreak of the pandemic.
While some experts believe it is too soon to forecast the effect on metal prices, particularly given the state of other markets that consume copper. International Monetary Fund (IMF) have warned that a third of countries are expected to experience a recession this year, which could include countries like the United States and Europe.
