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Commodity News Details
Copper Flares Up Near 26 Month Top, Global Economic Outlook Supportive
14-May-2024 17:41
Copper futures flared up further today, rising amid sustained buying support and pushing up near 26 month top. COMEX Copper futures are currently quoting at $4.86 per pound, up 2% on the day. Global economic outlook remains steady and weakness in the US dollar is boosting sentiments for the red metal. Organization of the Petroleum Exporting Countries (OPEC) has stated in a monthly update today that the world economic growth forecasts for 2024 and 2025 remain unchanged at 2.8% and 2.9%, respectively. In the United States, economic growth for 2024 and 2025 are revised up slightly to 2.2% and 1.9%, respectively. The economic growth forecast for the Eurozone remains at 0.5% for 2024 and 1.2% for 2025. Japan?s economic growth forecast is also unchanged at 0.8% in 2024 and 1% in 2025. China?s economic growth forecast remains at 4.8% in 2024 and 4.6% in 2025. India?s economic growth forecast is unchanged at 6.6% for 2024 and 6.3% for 2025. Brazil?s economic growth forecast remains at 1.6% for 2024, and 1.9% for 2025. Russia?s economic growth for 2024 is revised up slightly to 2.3%, while the forecast for 2025 remains at 1.4%.

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