Copper prices could fall further from the highs reached earlier in the year if Chinese demand continues to falter, the boss of Anglo American has warned.
Duncan Wanblad, the miner’s chief executive, described copper as an “emotional metal”, still determined by sentiment towards China, despite the big boost to demand that is expected as the world seeks to decarbonise.
“There’s a possibility that there could be more pressure in the second half of the year and I think to the extent that there is, it’s much more fundamentally going to be led by what’s happening in China,” Wanblad, 57, said.
Duncan Wanblad is the chief executive of Anglo American
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Prices have hit record levels in 2024 as traders bet that the shutdown of a big copper mine in Panama and production cuts from