Commodity Market Report
Global copper short-term outlook June 2024
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Report summary
So far this year, copper is up by 12% and one of the best performing base metals with 3-month prices currently trading in the US$9,500/t – US$9,700/t range. However, prices are well off their May peaks which saw copper trade to a high of US$11,105/t on the back of fund inflows. Prices have been pushed lower by negative sentiment over the outlook for demand in the major markets and profit taking by investors. A sustainable rally in prices will need evidence of a turnaround in global demand and restocking. .
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