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Fitch forecasts lower copper prices for 2023
The 2023 average annual copper price forecast has been revised down from $8,800 per tonne (/t) to $8,550/t by financial information services provider Fitch Solutions. This is caused by fears of another US Federal Reserve interest rate hike and macroeconomic factors in China. Demand for copper in China fell in September, at a time when it usually picks up. According to the National Bureau of Statistics of China, total profits of industrial enterprises in China from January to July were down 11.7% year on year. Copper is a key input in the industrial process, and demand has, therefore, been limited by the state of ... (full story)