Copper Sulphate Prices: In the second quarter of 2023

Chemanalyst20 Sep, 2023Business

In the US market, Copper Sulphate faced weakened market sentiments primarily due to decreased consumption from the downstream agrochemical industries. Additionally, the cost support from Sulphuric Acid, a key upstream component, proved insufficient as its prices remained at lower levels due to sluggish procurement from end-use industries. The late Q1 collapse of Silicon Valley Bank followed by Signature Bank raised concerns of a broader banking crisis, impacting the US market. Production units operated at reduced rates due to limited offtakes from downstream agrochemical industries, leading to the Manufacturing Purchasing Manager Index entering the contraction zone in Q2. To stimulate new shipments, manufacturers reduced their offers in response to declining freight charges and slowing demand from the agrochemical sector. Adequate availability of input energy materials further met demand from downstream manufacturing firms.