According to the Financial Times, Natalie Scott-Gray, a metals analyst at brokerage StoneX, said that copper prices are starting to be affected by weak demand rather than major macroeconomic factors such as the dollar exchange rate. "This is the first physical evidence we've seen that demand in Western countries has been hit harder than expected," she said.
Copper prices have fallen 11% in nearly a month to nearly $8,000/mt, the lowest level since November last year, as Asia's economic rebound fell short of expectations. Prices of major industrial metals rallied by more than a quarter between November and January following positive sentiment around the outlook for Asia's economy.
