Copper price spike in 2024
2024-04-22
In the second half of April 2024, the price of copper rose to 9,749 US dollars per ton. This is the highest level of the copper price in the last two years. This impressive growth surprised both market participants and economic experts.
Compared to the beginning of the year, the price of copper increased by as much as 15 percent. This sudden rise in prices has created a lot of interest among investors and industry. Why did the price of copper rise so much?
One of the factors that could explain this increase in the price of copper is the recovery of the industry in recent years after the economic disruption caused by the pandemic.
Automotive manufacturing, construction and the energy industry are just a few of the sectors that rely heavily on copper supplies. The recovery in these industries has also led to increased demand for copper, which has undoubtedly had an impact on prices.
In addition, efforts to combat climate change and rapidly changing energy market trends are also driving demand for copper. The use of copper in power grids, electric vehicles and renewable energy technologies is constantly increasing, which further strengthens the value of copper.
The increasing price of copper directly affects the industry that uses this metal. For example, as the price of copper increases, many companies that use copper as their main source of raw materials must change their production processes or look for alternative materials to reduce their production costs