renewable energy technologies, electric vehicles, and infrastructure projects tied to green initiatives.
The demand for copper copper’s conductivity and durability make it indispensable for electrical systems, wind turbines, and solar power generation. The growing global push towards decarbonisation and clean energy projects is a key factor in driving sustained demand for copper, even as its prices remain highly volatile due to economic shifts and geopolitical tensions.
Globally, copper prices are influenced by several macroeconomic factors. Industrial demand, especially from China, the world's largest producer and consumer of copper, plays a pivotal role. Any economic slowdown or policy shift in China reverberates across the global copper market.
For instance, in 2022, copper prices on the MCX fell sharply from Rs 880 in March to Rs 600 by July. Similarly, in May 2024, prices saw another significant correction, plummeting from Rs 950 to Rs 770 by July's end. These corrections closely align with weak economic data from China, particularly its manufacturing sector.
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