Free Copper Plate Price Trend and Forecast New York
- Location: New York, New York, NY, United States
In Q1 2023, Copper Plate prices in the US market rose due to an increase in downstream construction and machinery inquiries amidst the banking sector's turmoil. Buyers opted for long-term contracts to meet their needs, avoiding the relatively quiet spot market. However, market participants cautioned about potential supply disruptions due to protests in Peru and a planned outage at the Kennecott smelter in Utah, USA. The delayed shipments from Peru and Chile led to an increased interest in acquiring copper scrap, but the existing supply and demand balance kept US premiums stable. The failure of Silicon Valley Bank had a modest impact on copper prices, and the US Federal Reserve's interest rate hike in March had little influence. Market sentiment returned to neutral after the panic subsided. Due to the liquidity strain on several US banks, the US Fed appears unlikely to tighten monetary policy much in the medium and long term. Consequently, the Copper Plate (C 11000) prices for Ex Alabama and FOB Alabama Port were fixed at USD 16884/MT and USD 16957/MT.
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