Copper prices have hit their highest point in six months, reaching $8,711 per ton on the London Metal Exchange as of January 9, 2023. This increase is attributed to market optimism following the reopening of China’s borders, as China is the largest consumer of copper.
According to sources, mainland China’s sea and land routes to Hong Kong and the rest of the world have been closed for the past three years as a result of Beijing’s health policies implemented during the pandemic.
Experts are uncertain about the potential impact on metal prices, as the state of other copper-consuming markets is unclear. The IMF predicts that this year, one third of countries will be affected by recession, with the potential for the United States and Europe to be impacted.