Copper futures stabilized around $4.06 per pound on Monday but remained near their lowest levels in two months, weighed down by demand uncertainties and a stronger dollar. China’s recent stimulus measures have yet to convince markets of a potential economic rebound, dampening the outlook for demand in the world’s largest copper consumer. Investors are now focused on China’s Loan Prime Rate decision this week, hoping for additional support measures to boost economic growth. Meanwhile, copper prices also faced pressure from a rallying dollar, as Federal Reserve Chair Jerome Powell indicated the central bank is in no rush to cut interest rates, citing the strength of the US economy.
Copper increased 0.23 USd/LB or 5.95% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Copper reached an all time high of 5.20 in May of 2024. Copper - data, forecasts, historical chart - was last updated on November 18 of 2024.
Copper increased 0.23 USd/LB or 5.95% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper is expected to trade at 4.40 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.64 in 12 months time.