The price of copper rose Wednesday on the London metals market for the first time since June, exceeding $9,000 (€8,400) per tonne. This increase is as traders expect China’s economy to rebound considerably now that the country has lifted most of its coronavirus measures.
China is the world’s largest consumer of copper, which is used extensively in the construction, automotive, and telecommunications industries. The hope that the US central bank will slow down in raising interest rates is also causing upward pressure on prices. The central bank did this to combat high inflation.
Throughout 2022, the price of copper fell 14% amid fears of an economic downturn. Last March, the copper price again reached a record high of around USD 10,900 per ton. This was due to fears that supplies from Russia would be affected by Western sanctions on the war in Ukraine.
Other commonly used metals such as aluminum, zinc and tin are also increasing in price, as is iron ore. Miners are now concerned about possible metal shortages. Much more investment in new mines would be needed to meet future demand. For example, copper is of great importance for the energy transition and the switch to electric driving.
The rising price of copper also makes copper more attractive to thieves. For example, fewer intercity trains were able to run between Amsterdam Central, Utrecht Central and Eindhoven Central stations on Monday morning due to the theft of copper on the tracks. The number of thefts decreased slightly in 2022 due to stricter enforcement.
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