Copper prices have hit new six-year lows, weighed down by persistent worries about demand from China, the world’s largest consumer of the metal. A stronger US dollar has also contributed to the downward pressure, making copper more expensive for buyers using other currencies.

The price of copper on the London Metal Exchange fell to $4,444 per tonne, its lowest level since 2009. This decline reflects broader concerns about the health of the global economy, particularly the slowdown in China’s growth.

Factors Contributing to the Price Drop

• Weakening Chinese Demand: China’s economic slowdown has significantly impacted demand for industrial metals like copper.
• Strong US Dollar: A stronger dollar makes copper more expensive for international buyers.
• Global Economic Uncertainty: Concerns about global economic growth are weighing on commodity prices.
• Increased Supply: Increased copper production in some regions has added to the supply glut.

Market Outlook

Analysts are closely monitoring the situation, with some predicting further price declines if demand does not pick up. Others believe that prices may stabilize at these levels, but the outlook remains uncertain.

The copper market is expected to remain volatile in the near term, influenced by economic data from China and the US, as well as global macroeconomic trends.