Copper Prices Lower as Red Sea Crisis Escalates
On a macro level, the conflict between the US military and Houthi militants on December 31, 2023 has led to an escalation of the Red Sea crisis, potentially boosting market risk aversion sentiment. Domestically, the PMI for December was 49.0%, a decrease of 0.4 percentage points from the previous month, indicating a slight decline in the manufacturing sector, which is expected to weigh on copper prices. Additionally, the rise in the US dollar on Friday has put pressure on copper prices.

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