SunSirs: Copper Prices Slightly Declined on October 19th
October 20 2023 10:33:45 SunSirs (John)
Price trend
As shown in the above figure, copper prices slightly decreased on the 19th, with a spot price of 66,566.67 RMB/ton, a decrease of 0.3% from the previous trading day and a year-on-year increase of 5.6%.
Analysis review
Oil prices skyrocketed, with copper closing 0.39% higher overnight. The escalation of the situation in the Middle East had strained investor sentiment and suppressed the trend of copper prices, but strong economic data from China had provided support for the metal market. Copper fundamentals were weak, while demand remained weak, suppressing copper prices.
Market outlook
It is expected that the rise and fall of copper prices will be limited in the short term.
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