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is revising down its 2023 average annual copper price forecast to $8,550/tonne, from $8,800/tonne previously as US dollar strength and market fears of another US Fed rate hike places a cap on price growth.
Prices have averaged $8,628/tonne in the year to date as of September 19 2023, lower than the average of $8,788/tonne seen in full year 2022, on the back of subdued global demand in the main, the analyst said in its latest market report. Prices were hovering around $8,293/tonne as of September 19, down 11% from the year to date high of $9,356/tonne.forecasts refined copper production to remain in growth territory over the coming decade despite some short-term supply disruptions from outside Mainland China, as a number of smelters undergo maintenance that will ultimately reduce total annual output volumes.
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