Foreign media, January 29: A survey shows that London copper prices will come under pressure in the coming months, as the market is worried about the sluggish global economic growth. However, due to the disruption of mine production, the green transition boosts demand growth, which will lead to a shortage in the copper market**, which will boost copper prices higher later this year.
According to the median survey of 30 analysts, spot copper contracts on the London Metal Exchange (LME) averaged US$8,714 per tonne in 2024. That's 1. That's $8,569 on Monday7%.。
However, analysts expect the average copper price to fall to $8,380 tonnes in the first quarter of 2024.
Concerns about the downturn in the property sector in the top consumer of metals, coupled with investors' reassessment of Fed rate cut expectations in 2024, have weighed on copper prices. Matthew, an analyst at the Economist Intelligence Unit? Sherwood said concerns about high interest rates and their impact on the construction sector will impact ** in the near term. However, as the market supply and demand turn into a shortage, copper prices will be significant in the second half of the year.
Analysts revised their previous copper surplus for 2024 after a major copper mine in Panama was forced to close and major miners Anglo American and Vale lowered their production guidance. Analysts are currently short of 24,000 tonnes of copper this year, compared to 302,500 tonnes in the last survey in October. Analysts expect the gap to widen to 11 in 202550,000 tons.