The evolution of the price of copper on the international markets in August 2023 was marked by a slight decrease of 0.58% compared to the previous week, according to the Central Bank of Congo (BCC). The price per tonne of copper thus stood at 8,570.35 USD during this period.
On the London Metal Exchange (LME), copper for 3-month delivery rose slightly to around USD 8,300 per tonne. Despite this increase, the price of the red metal has fallen by 7% since the beginning of August.
This situation is particularly linked to real estate tensions in China, which have led experts to believe that the country should not announce a massive recovery plan for its real estate sector. However, it is stressed that this sector needs to be stabilized. According to Michael Widmer, analyst at Bank of America, the world copper market is expected to experience a deficit of 253,000 tons this year, while consumption is expected to increase by 1.8%, reaching 25.6 million tons.
It is therefore crucial to closely monitor the evolution of the price of copper, given its impact on the global economy. This current downward trend highlights the need to monitor economic and geopolitical factors that can influence commodity prices, such as the real estate sector in China.
In conclusion, although the price of copper recorded a slight decline during the first week of August 2023, it remains essential to continue to closely observe the evolution of this market