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The price trends of copper in the global market saw an upward trend during the fourth quarter of 2023. Despite the fluctuating low-end prices observed in the European market, price trends of copper experienced a slight increase, globally.

However, the global price of copper-derived products, including metal plates, kept oscillating and under pressure in most of the regions. Trends and quotes suggested that the overall prices of copper plates in the Asia-Pacific region remained unstable during the fourth quarter of 2023.

The evident uncertainty in the Chinese market was noticed due to a decrease in the import rate in the East China region. Additionally, the increase in the local inventories in South China, along with a decrease in the downstream purchasing altogether, contributed to the price drain in the Chinese market.

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The trends witnessed in copper prices in Northern America exhibited a mixture of stability and volatility throughout the fourth quarter of 2023.

The market experienced a subdued beginning due to the stockpiling in the inventories and low anticipation of future consumption. However, the prices increased towards the end of the quarter as a result of the stability in the interest rates decided by the Federal Reserve. The lowering of prices ultimately resulted in a slight increase in the demand for copper metal in the different market sectors, including the construction and manufacturing industries.

Despite the overall market fluctuation, there was a slight increase, marking stability in the copper prices in the global market. The LME copper and SHFE 2312 copper contracts experienced an upward trend in copper prices during the fourth quarter of the year 2023. The LME copper contract rose slightly by 0.96% at $8247 per metric ton. Similarly, the SHFE 2312 copper contract closed at 0.36% to 67690 yuan per metric ton.

The rates remained stable during the end of the quarter due to various factors, including a slowdown of seasonal consumption, a weaker US dollar, and augmented supplies. Amid the rebound marked in the price trends of copper metal, the difference between the rates of copper cathode and scrap increased, hinting at a potential decline in the demand for copper metal in the upcoming months.

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According to procurement resources, the price trends of copper metal kept fluctuating throughout the fourth quarter in different regions. However, there seemed to be a rebound in the price trends amidst the declining European market towards the end of the fourth quarter of 2023.