US Copper Plate Price Plunged in First Half of January 2024, Market Players Predict Optimistic Future Markets

At the start of January 2024, the price of Copper Plate showed a damping price trend in the US spot market amidst lower downstream demand and increased mining activity across the globe. At the start of January, the price decline for the Copper Plate was observed as the US dollar strengthened, leading to a pessimistic market trend. The market players have stated an uncertain trade rate amidst the Federal Reserve is not expected to commence the anticipated reduction of interest rates. Meanwhile, the mining rate for copper across several mines has been on a rising trend as the Major industries and the US government plan to uplift the downstream green energy sector and electric vehicle industries, which are a major consumer of Copper Plate.

At the beginning of 2024, macroeconomic uncertainties affected the Copper Plate market in the US region. According to the gathering occurred in response to varied data indicating that the world's largest economy displayed pockets of weakness but maintained overall resilience. Recent data revealed that US private employers hired more workers than anticipated in December, underscoring the ongoing strength of the labor market and its positive impact on the overall economy. Additionally, there was an alleviation of inflationary pressures, with many businesses reporting stable or decreasing input prices across most districts. This downward trend for Copper Plate was further influenced by a sluggish Chinese economy, where retail sales experienced the slowest growth since September, investment growth remained subdued, and industrial output displayed signs of improvement. Despite these challenges, optimism for the future market of Copper Plates persisted, particularly in downstream automotive and green energy sectors. The US government's announcement of multiple projects aimed at boosting solar energy market developments, particularly in Arizona, California, and Nevada, with a potential solar generation capacity exceeding 1,700 megawatts and a potential battery storage capacity of 1,300 megawatts, contributed to the positive outlook. This, in turn, is expected to drive increased consumption of Copper Plates in the coming months.

Furthermore, global mining activity continued to rise, impacting Copper Plate prices. Overseas miners, such as Chilean company Antofagasta, reported a 2% annual increase in copper production to 660,600 tonnes, attributed to strong performances from its major mines, Los Pelambres and Centinela. Similarly, Lundin Mining in Canada showed a noteworthy increase of over 20% in copper production. These developments influenced the market trend for Copper Plates in the US spot market.

According to ChemAnalyst analysis, there is an expectation for a resurgence in the price of Copper Plate within the US spot market. This projection is attributed to the simultaneous occurrence of mining supply disruptions and an increased demand for the metal. The latter is particularly driven by the escalating demand associated with the global shift towards green energy. Additionally, a projected decline in the strength of the U.S. dollar during the latter half of 2024 is anticipated to further bolster copper prices. The potential setbacks in the Copper Plate market are foreseen to be mitigated by renewed optimism regarding additional stimulus measures in major metals-consuming regions, notably from industries abroad, including China.