The red metal rebounds amid China’s efforts to revive the real estate market. The International Copper Study Group (ICSG) recently cut its surplus supply forecasts for the metal this year.
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The price of copper in the international market has no time to stop and on the morning of this Monday, May 20, it broke the psychological barrier of US$11,000 per metric ton (MT), accumulating an increase of more than 25% since the beginning of 2024. .
The London Metal Exchange (LME) witnessed this morning the not-so-unexpected rise in the red metal, which finally averaged US$10,946 as the morning progressed, in line with what was predicted by all market analysts.
China’s efforts to revive its real estate market, in addition to the optimism of global investors due to the demand for artificial intelligence data centers and investments in renewable energy, according to various international media.
The International Copper Study Group (ICSG) recently cut its surplus supply forecasts for the metal this year. Its copper production growth forecast was lowered to 0.5% compared to 3.7% growth estimated by the ICSG in October 2023.
Written and digital press journalist, graduated from the Federico Villarreal National University (UNFV). Currently, in La República, where he writes about economics, with emphasis on hydrocarbons, mining and social conflict.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
