Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Global copper demand is entering a new phase as China’s dominance in consumption begins to wane, paving the way for the United States and India to play a larger role. Over the past 25 years, copper prices have surged from $1,500 to above $10,000 per metric ton, largely driven by China’s massive industrial and infrastructure boom. However, analysts now predict that the next decade will bring a rebalancing of demand dynamics across regions.
While China will remain the largest consumer of copper, its demand growth is projected to slow significantly as its infrastructure and power grid reach maturity. Panmure Liberum analyst Tom Price forecasts Chinese copper demand to decline by 6% between 2026 and 2031, dropping its share of global consumption from 57% to 52%, or around 27 million tons. In contrast, U.S. copper demand is expected to climb nearly 50% to 2.2 million tons, driven by data center expansion, power grid modernization, and manufacturing reshoring efforts. India is also poised for strong growth, with demand set to rise over 30% to exceed 1 million tons by 2031.
Trade policies are also reshaping the market. U.S. President Donald Trump’s 50% tariffs on Chinese copper pipes and wiring aim to boost local production while limiting China’s exports. Meanwhile, India’s ambitious target of 500 GW of non-fossil fuel capacity by 2030 is fueling large-scale investment in transmission and renewable infrastructure.
Analysts from CRU and Benchmark Mineral Intelligence note that the next phase of copper demand will come from upgrading aging Western power grids and expanding digital infrastructure worldwide. As China’s consumption levels off, emerging economies and Western modernization projects are set to become the new engines of global copper demand, marking a pivotal shift in the red metal’s future.
