Copper Prices Increase Amid Rising Demand for Durable Goods
Copper prices have risen 1.7% following an increase in durable goods orders, signaling economic recovery. This uptick is linked to a projected growth of 2.5%-3% in the US economy for 2023.
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Copper prices rose by 1.2 cents to 71.35 cents per pound on the Comex, marking the largest gain since February 13. The rise follows a report from the Commerce Department indicating increased orders for durable goods, including automobiles and aircraft, which has led to an 18% increase in copper prices since hitting a 14-year low in November.
The Federal Reserve forecasts a US economic growth of 2.5% to 3% for the year. Despite the recent gains, copper prices remain 12% lower than the previous year. This trend may indicate a recovering manufacturing sector, though ongoing price volatility remains a risk.
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