Copper Prices Outlook for May 2024

In May 2024, a great spike in copper prices have been witnessed in May, 2024. Let us understand deeply about all the reasons why these prices are increasing.

Let us understand how the copper prices will be in future,

Reasons Behind the Copper Prices Spike in 2024

Shortage of Supply: In Chile, due to the strike of major copper producers in May, 2024 copper production interrupted. This lack of demand in supply and demand has contributed to the imbalance and this indirectly leads to increased copper prices.

Disruption in International Supply Chain

The decrease in copper production in Chile impact the international copper supply. The demand of copper is increasing continuously but the sudden decrease in supply led to imbalance of supply and demand. This imbalance shows that the available copper in the market is not sufficient for fulfil the supply.

• Rising Demand: With the economic betterment on the world level, copper prices have been increased. Specifically, in China, base level manufacturing and increased demand of green products have led to increased prices of copper. This increasing demand is also affecting the current supply too.
• Strengthening of US Dollar: In May 2024, US dollar get stronger as compared to the other currencies because the trade of copper is commonly done in the US dollar. That is why, the countries having other currencies made the copper even expensive and that lead to increase in copper prices.
• Geopolitical Tensions: Due to geopolitical tensions, the supply of copper can be disrupted in many affected countries and can affect the copper prices.

Future Outlook for Copper Prices

Judgment of future prices of copper is difficult but there are still some factors with the help of which we can judge the copper future prices;

• Improvement in Supply: In Chile, temporary disruptions like the strike of the miners could lead to the improvement in supply. With this, the opening of the new mines could also lead to the improvement in copper supply.
• Trends of Demand: Worldwide economic slowdown and development in the green products could also increase the demand of copper from medium to high. Also, increase in interest rates or economic slowdown could also weaken the demand.
• Value of US Dollar: If the US dollar weakens, then the import of copper can be cheaper and make the copper prices lower.

In May 2024, increase in copper prices is due to the lesser supply, strong dollar and also geopolitical tensions. In future, the copper prices can go down or up depends upon the depend upon the supply and demand improvements. People who invest in copper market or people who are doing the copper trade should have to take care of these things and at the same time, they should analyze the directions of market prices.

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What Experts have to Say

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