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Copper prices hit record highs a week ago as traders sought to stock up on a
trading frenzy, historically low inventories and concerns about escalating supply chain disruptions due to the Russia-Ukraine conflict.
On Friday, amid a flood of trading around $12 billion, when investors pushed gold to an intraday high of $5.
04 a pound or $11,100 a tonne, concerns about the long-term impact of the Russia-Ukraine conflict on global growth clearly outweighed concerns
about the prospect of stagflation in developed countries and the prospect of a slowdown in China.
Copper prices are now lower than record highs, with the metal for May delivery trading sideways at $4.
67 a pound ($10,300 a tonne)
on New York's Comex market on Friday.
A new report from Capital Economics sees a weak outlook against the backdrop of sluggish demand, particularly in China, which accounts for more than
half of global copper consumption.
The London-based Capital Economics cut its growth forecast for China in 2022 as it grapples with a point outbreak of the pandemic virus and an increase in import bills of more than $100 a barrel as oil trade rises inflation due to reduced consumption in Europe and Japan, damaged exports and soaring agricultural costs
.
While China has set a lower bound of 5.
3 percent for GDP growth this year, Capital Economics said it appeared to be "preparing for slower growth in practice.
"
Given copper's widespread use in industry, construction, and transportation, the price of metals is associated with
overall economic growth and manufacturing activity, as well as the world's largest economy based on purchase price parity.
Now, there is a huge gap
between Capital Economics' copper demand indicator and the current price.
Copper prices hit record highs a week ago as traders sought to stock up on a
trading frenzy, historically low inventories and concerns about escalating supply chain disruptions due to the Russia-Ukraine conflict.
On Friday, amid a flood of trading around $12 billion, when investors pushed gold to an intraday high of $5.
04 a pound or $11,100 a tonne, concerns about the long-term impact of the Russia-Ukraine conflict on global growth clearly outweighed concerns
about the prospect of stagflation in developed countries and the prospect of a slowdown in China.
Copper prices are now lower than record highs, with the metal for May delivery trading sideways at $4.
67 a pound ($10,300 a tonne)
on New York's Comex market on Friday.
A new report from Capital Economics sees a weak outlook against the backdrop of sluggish demand, particularly in China, which accounts for more than
half of global copper consumption.
The London-based Capital Economics cut its growth forecast for China in 2022 as it grapples with a point outbreak of the pandemic virus and an increase in import bills of more than $100 a barrel as oil trade rises inflation due to reduced consumption in Europe and Japan, damaged exports and soaring agricultural costs
.
While China has set a lower bound of 5.
3 percent for GDP growth this year, Capital Economics said it appeared to be "preparing for slower growth in practice.
"
Given copper's widespread use in industry, construction, and transportation, the price of metals is associated with
overall economic growth and manufacturing activity, as well as the world's largest economy based on purchase price parity.
Now, there is a huge gap
between Capital Economics' copper demand indicator and the current price.
