Copper Tests Below 8 Thousand Dollars!

Copper tested below the $8,000 level for the first time since February 2021 amid concerns of a global slowdown.

Copper, which has high thermal and electrical conductivity, lost value after the effects of global recession. Since February 2021, it fell to its lowest level. The value of copper metal, which is stated by experts to be an important benchmark in the economy, fell below 8 thousand dollars. "There are growing concerns on the global demand side," said TF Futures Analyst Wei Lei, "The copper market will experience an oversupply of 10 percent of the total supply for the next two years," in a scenario where the US and European economies will not record a "soft landing" and China will experience a weak recovery. After the London Metal Exchange's (LME) index of six base metals suffered its steepest quarterly decline since the 2008 financial crisis, aluminum and zinc also continued to fall, marking a pessimistic start to the second half of the year. The latest declines came amid positive signals from China, the world's number one user of the metal. In the world's second-largest economy, demand has gradually recovered after the measures taken for the coronavirus, while the government has also recorded packages such as more cash support for infrastructure spending. While the decline in the Chinese real estate market eased in June, it was stated that manufacturing activity also recovered better than expected.