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Copper September 21, 2020 09:30:20 PM

ISRI Conclave Heralds Bright Future Prospects for Copper

Paul Ploumis
ScrapMonster Author
The strong Chinese recovery is likely to have huge impact on copper prices.
ISRI Conclave Heralds Bright Future Prospects for Copper

SEATTLE (Scrap Monster): The Online Forum organized by the Institute of Scrap Recycling Industries (ISRI) foresees high prospects of a bright copper future, despite the Covid-19 impacts.

The forum noted that the market uncertainties and the concerns over new Chinese import restrictions had impacted the scrap sector, thereby leading to weak copper prices during the early months of the current year. However, rebound in manufacturing activities and recovery in key global economies has led to bounce back in prices.

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The strong Chinese recovery is likely to have huge impact on copper prices. The manufacturing sector accounted for the quick recovery in Chinese market conditions. The economies which are more reliant on service sectors, as the likes of the U.S. and the UK, are likely to take more time to recover. As per estimates, it will take almost two years for the U.S. to return to the levels of growth in the start of the current year.

The demand for refined copper has been strong in India post-Covid-19. The sustainable growth story of the country, coupled with proposed electrification of railways would boost copper demand. As China plans to tighten import restrictions, more quantities of the exports will reach alternative markets such as India.