Copper Price Outlook: Copper decreased 2.02% to 4.092 USD/Lbs. Zambia’s copper output fell 2% in 1H this year as Africa’s second-largest producer of the industrial metal grapples with drought-induced electricity crisis at its hydropower plants, says Oxford Economics Africa. Its refined copper exports also declined 2% to 378,400 metric tons in 1H but earnings climbed to $1.9 billion in 2Q from a $1.5 billion in 1Q driven by robust global copper prices, it notes.
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“Our baseline scenario envisages the price of the red metal to average around $9,500/ton over the rest of this year as high inventory levels are expected to constrain and cap further price rallies,” it says. “The support from global commodity prices to Zambia’s export earnings is well-timed,” it adds
