Despite global uncertainties and China’s economic woes, the red metal still promises better days, says Steve Freeth.
When Apple, the world’s richest company, recently said its performance in China had hit a wall, it made headlines globally and sent markets into a tailspin. Copper followed suit, as analysts and investors digested what looked like confirmation of China’s slowing growth.
That’s a big deal when the country takes nearly half the world’s supply, estimated at about 24 million tonnes this year. The copper price has fallen by more than US$1000 per tonne since optimism peaked early in 2018.