Copper prices dip to their lowest since November 2022 due to global economic challenges, weaker demand from China, and forecasts predicting a surplus until 2027.
Via Metal Miner Although some moved sideways with more modest declines, all components within the overall index saw copper prices trade lower during the month. As a result, the Copper Monthly Metals Index MMI declined 2.34% from September to October. Copper Prices Break Below Sideways Range, Create Lower Low After edging lower throughout September, copper prices appeared increasingly bearish by early October. Indeed, prices fell below the $8,000/mt mark by Oct. 4 for the first time since May.
Although it comes off of a historically low base number, by Sep. 21, stocks more than tripled after finding a bottom in mid-June. By the end of the first week of October, inventories sat at their highest level since October 2021. Additionally, the surplus will likely continue for the next few years. According to data from Bernstein Research, the market will remain in surplus until it shifts into an increasingly widening deficit beginning in 2027.
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