On July 31st Coppers Price was sitting well above $4 dollars and now just one day later we have seen it fall .10 cents
As you guys know the first factor that we look at to help get some clarification as to why base metal prices are changing is the USD strength vs the yuan, and sure enough the yuan got a lot weaker compared to the US dollar.
This usually doesn’t bode well for base metal prices, which we can see with copper now sitting around $3.93 today, with other metals like aluminum and lead falling as well.
Another variable to look at is the manufacturing numbers that just came out for this month in America
ISM Manufacturing PMI came out to 46.4 in July 2023, this indicated a continued contraction in factory activity, weak demand, and a slowdown in production, which could have also impacted coppers price.
Should be interesting to see if Copper will be able to rebound after these pieces of news, thanks for watching everyone!
