Copper price in July 2024

In July 2024, the price of copper has shown a positive trend, reaching significant levels. At the end of June, copper was trading around $4.37 per pound, with slight increases throughout the month. This rise is due to several factors, including growing demand driven by progress in the energy transition and the development of artificial intelligence technologies that require large quantities of this metal.

Furthermore, expectations of production shortages have contributed to this increase. Several major miners, such as Anglo American and First Quantum Minerals, have reduced their production projections, raising concerns about the ability to meet future demand. This scenario has fueled speculation about possible additional increases in the price of copper in the coming months.

The global economy has also played a crucial role. The weakness of the US dollar against other currencies has supported exports and made commodities, such as copper, more attractive to investors. Additionally, growth in key sectors such as construction and electrical infrastructure has continued to drive demand for copper.