Copper has now lost all of the gains it made this year. Economists at ING believe there are more downside risks in the near term.

Copper prices to average $8,970/t in 2023

“In the near term, copper prices are likely to continue to be dictated by the pace of China’s economic recovery as well as the Fed’s interest rate hiking path.”

“We expect Copper prices to remain volatile as the market will continue to react to any policy change from China. We expect prices to average $8,970/t in 2023.”

“In the longer term, Copper’s fundamentals as an EV and green energy metal will support higher prices over the next few years, but for now, the market will remain focused on the disappointing demand picture from China.”