Copper Plate Prices Surge in US Market Amidst Weakening Dollar and Rising Demand

The start of the fourth quarter has observed a volatile market situation as Copper Plate prices rush upward in the US market amidst the weakening US dollar and rising demand from the downstream automotive and energy sectors. The demand for Copper Plate from the downstream Asian automotive and energy sectors remained on a higher edge as the infrastructural development and rising electric vehicle demand boosted. Meanwhile, the eruption of the war-like situation in the Gaza Strip has disrupted the oil and gas trade and implied a surge in the price of petroleum in the global market. Moreover, the market players anticipate a rush in the price of Copper Plate if the conflict continues, resulting in trade disruptions through the Suez Canal. 

Several factors supported the price hike of Copper Plate as the supply rate plunged in the local and global markets. The major producer, Chile, has reduced its Copper Plate production by about 14%, creating a lack in inventory levels across the US spot market. The consumption rate hikes as the downstream construction and auto sectors from the domestic and overseas Asian markets rush northward. Meanwhile, the rise in demand from the end-use industries such as home appliances, electric vehicles, solar, and wind sectors has also helped push the Copper Plate Price in the US spot market. However, the market players are uncertain about the price in the coming days as the interest rate hike has been a major fear factor among local buyers. Additionally, the weakening of the dollar and ease in the US debt worries incite the local market players to place large orders for Copper Plates in the US spot market.

Meanwhile, the Copper Plate prices are also anticipated to be affected by the war between Israel and Palestinian militant groups, which has caused an uproar in the Global news. This has directly impacted the rising price of petroleum and oil and gas in the global market. The trade activity through the Suez Canal is expected to be deeply impacted as the Israel-Hamas conflict raises concerns about the potential closure of the Suez Canal, a crucial route for Middle East oil transport worldwide. The closure could force oil tankers to take the longer Cape of Good Hope route, increasing transportation costs and petrol prices. Market experts worry this could significantly affect finances across several countries. Yet, some argue the impact on petrol prices might not be as dire as anticipated. This would affect trade in the global market, majorly affecting the Middle Eastern and European countries. This would cause further disruption in the petroleum supply chain, as the earlier announcement of curtailment from the OPEC+ countries deeply impacts fuel prices. This would increase the production cost of Copper Plates in the US spot market.

According to ChemAnalyst, the price of Copper Plate will increase in the US spot market for the forthcoming weeks as the demand from the downstream automotive, construction power, and energy sectors increases. The weakening of the US dollar would support the hike in the consumption rate of Copper Plate and would incite the mills to increase their price. Furthermore, the Israel-Palestine war would be a major factor to look out for, as this would increase the global energy price.