2023-08-12 16:00:00
Copper mine in Chile
Copper is a sought-after raw material, especially in electrical engineering.
(Photo: BHP Billiton)
Frankfurt The disappointing economic environment in China, fears of recession in the USA and Europe – all of this has affected the copper price. In the last six months it has fallen by more than seven percent. Because the metal is considered an economic indicator because it is used in many industries due to its conductivity.
China is the largest consumer of copper – the weak economy in the People’s Republic is putting pressure on the price, as Aneeka Gupta, director of macro research at US wealth manager Wisdom Tree, explains. “At the beginning of the year we thought China would recover quickly and act as a counterweight to western economies heading into recession. Now the USA is more resilient than expected, but China is weakening,” she sums up. In view of this environment, however, copper has developed robustly, emphasizes Gupta. After all, the price even rose by almost eight percent over the year.
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