Has Copper Bottomed Out?

Economic and Financial Analysis • May 19, 2023 at 2:12 PM EDT

The price of copper is down around 8% so far this year, and worries about China are to blame.

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The price of copper is down around 8% so far this year, and worries about China are to blame. Hopes of a big post-Covid recovery for the world’s biggest copper consumer have faded since the beginning of the year. So where next for the ‘red metal’? And what can it tell us about Chinese demand? ING’s Ewa Manthey has some answers.

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Copper gives up on 2023 gains

Disappointing Chinese data has painted a mixed picture for the world’s second-biggest economy after an optimistic start to the year, with a weaker-than-expected rebound prompting copper to trade near its lowest level so far in 2023.

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