European, US demand have become key drivers of metal prices – Trafigura chief
Trafigura executive chairman Jeremy Weir told the FT Commodities Asia Summit on Wednesday that prices had previously been mainly driven by Chinese demand.
The world’s biggest copper trader expects the metal to breach $10,000 a tonne this year, before entering a range of $12,000 to $15,000 a tonne over the coming decade.
Chinese iron ore and coke futures were dragged down by concerns over weak demand for the steelmaking ingredients, as markets eyed the possibility of further production cuts in the top steel-producing city of Tangshan.