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Copper prices still on the lows with weak demand in China

In the early Asian session, copper (Symbol: Copper-C) prices consolidate at lows with slight uptick in smaller timeframes. While production remains high in China, demand is still weak. The official manufacturing PMI for China suggested a contraction in activity, which further dampened copper demand. The continued high production levels in China coupled with weak demand suggest a possible surplus in supply, which could keep prices suppressed. Further, the contraction in the manufacturing PMI in China is a concerning indicator that could signal broader economic slowdowns, impacting copper demand negatively. Read more to understand how supply and demand affect copper price.

how supply and demand affect copper price

Disclaimer:

Given the current dynamics, copper prices are likely to consolidate in the near term. Market participants should monitor economic indicators closely, as these will likely influence the trajectory of copper.

Publication date:

2024-07-20 16:54:46 (GMT)

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