The German Copper Plate market has achieved unprecedented success in April, with a remarkable yet consistent surge in prices. The LME period copper recorded a new high, surpassing 14 months on 8th April, largely driven by soaring demand from momentum funds that track market trends. Surge in copper prices in LME impacted the Copper Plate prices in German spot market. Furthermore, Strong industrial data from Germany and a rebound in other commodities further contributed to this exceptional growth.

The price of Copper Plate in Germany experienced a significant surge of 1.2% in the last week of April, highlighting the steady and consistent rise in copper prices in the country. This surge follows the landmark achievement on April 22, where the three-month copper price on the LME reached its highest level in nearly two years. The impact of this remarkable ascent in Copper Plate prices has also reverberated in the German non-ferrous scrap metal market, where wholesale buying-in prices saw notable increases.

The surge in copper prices is attributed to the increasing demand for new technology and its applications in energy transition, along with positive forecasts for limited supply and optimistic demand. The Copper Plate market has further been impacted by geopolitical unrest, labour strikes in the mining industry, and more stringent mining laws, all contributing to ongoing challenges with copper supply. Moreover, global factors have also played a pivotal role in bolstering the Copper Plate market in Germany. Positive manufacturing data from China, expectations of interest rate cuts in the US and Europe, and elevated sentiment towards commodities all contributed to the surge in copper prices.

The rebound in US manufacturing and encouraging Chinese manufacturing PMIs have further challenged concerns about a downturn in the sector, significantly impacting copper (including Copper Plate) demand. Furthermore, the supply side of the copper market has faced disruptions in major African mines, compounding setbacks in key mines in Panama and South America. This has led to a downward revision in copper production guidance, reflecting supply constraints that have driven up copper prices further impacting Copper Plate prices in Germany. Chinese smelters, in response, are contemplating a joint reduction in output to enhance margins.

Preliminary data from The International Copper Study Group (ICSG) indicates a global increase of approximately 7% in refined copper consumption in the first two months of 2024, primarily driven by strong apparent demand in China. However, refined usage in the rest of the world is thought to have decreased. Notably, Chile's copper exports reached USD 4.09 billion in March, despite a slight decline from the previous year, as reported by the central bank. The surge in copper prices globally impacts the copper products like Copper Plate in the EU market.

In summary, the German Copper Plate market has witnessed a historic surge, paving the way for remarkable economic growth, and it can be anticipated that it will maintain an upward trend in coming month.