London Metal Exchange copper prices dropped 0.7% to $9,045 per ton due to weak Chinese demand and rising inventories.
Copper prices on the London Metal Exchange dropped 0.7% to $9,045 per metric ton due to weak Chinese demand and rising inventories, marking an 18% decline from the record high in late May. LME copper inventories have surged, almost doubling to 239,100 tons since early June, highlighting a significant supply surplus. Analysts predict copper prices will likely struggle in the coming weeks before recovering to $9,500 per ton within three months and reaching $11,000 by early 2025.
July 29, 2024
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