Copper prices declined in April amid weaker manufacturing activity. The price averaged USD 8,809 per metric ton in April, which was down 0.5% from March’s price and was 13.4% lower than in the same month last year. On 28 April, copper traded at USD 8,577 per metric ton, which was 4.7% lower than on the same day of the previous month.
Copper prices slid in recent weeks, hampered by weaker manufacturing activity in China—which accounts for half of the consumption of the metal. In particular, China’s manufacturing PMI swung into contraction in April after posting three consecutive expansions. Elsewhere, PMI data painted a mixed picture of global manufacturing conditions: output worsened in the Eurozone and Japan, while it ticked up in the U.S. Meanwhile, fears of a Fed hike in May likely weakened demand further. Supply-wise, soaring copper exports from top producer Chile in March, coupled with easing protests in Peru, likely added further downward pressure on prices.
Copper LME (prices in US$/mt, aop)
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