Commodity Market Report
Global copper short-term outlook August 2023
Report summary
After peaking at the start of the month, three-month copper prices traded to lows of US$8,120/t by 17 August, as bearish sentiment reasserted itself amid thin summer markets. Expectations are that as the US and European economies cool, there will be limited headroom to keep raising interest rates and that this will lend support to the demand outlook. In the meantime, a weakening dollar has helped to underpin prices over the second half of the month to trade closer to the US$8,400/t level.
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