Copper Nitrate prices exhibited an unstable but relatively balanced pattern during H2’24. The copper market experienced unstable movements in response to China’s economic stimulus package, which reflected conflicting views of future market demand. Initially, the stimulus package indicated that the market would grow, which positively influenced copper prices. However, later market uncertainty and the rise of the US dollar led to declining copper prices.
The disruptions in copper supply, which reflected problems in smelters and delayed projects, further influenced copper prices and production costs of copper-based compounds such as Copper Nitrate. However, long-term market demand from electric vehicles and renewable energy sources maintained market optimism and prevented prices from declining further.
On the nitric acid side, Asian markets remained weak due to sluggish fertilizers, polymers, and dyes markets, along with weather related problems for agricultural products. In addition, India faced a decline in demand toward the end of the period, leading to a drop in prices. As a result, the prices of nitric acid fell. In the European region, there was a brief increase in prices of nitric acid due to a rise in feedstock costs, but a subsequent decline in demand led to a drop in prices.
The North American market followed a similar bearish trend, as seen in previous reports, due to weak demand and stable supply. In summary, Copper Nitrate prices are trending in a slightly downward direction, fluctuating in the short term, primarily influenced by unstable copper prices and sluggish nitric acid markets.