For the Quarter Ending June 2023

North America:

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. Additionally, market concerns escalated with an additional interest rate hike by the Federal Reserve to combat persistent high inflation at the end of Q2.

APAC:

In the Indian domestic market, Copper Sulphate prices displayed mixed sentiments in the second quarter of 2023. Early in Q1, prices declined due to ample product availability resulting from robust manufacturing activities. Bearish market sentiments were driven by declining upstream Sulphuric Acid costs and limited inquiries from the downstream agrochemical sector. Manufacturers reported accumulating stocks, resisting shifts in Copper Sulphate demand dynamics. Increased supply-side pressure led to manufacturers lowering their offers to the agrochemical sector. However, prices improved in mid-Q2 due to rising inquiries from downstream markets. India's retail inflation also decreased in May, contributing to the market dynamics. Furthermore, slowing global trade volumes led to decelerated freight charges across major Asian trade routes, as reported in the Logistics Performance Index report 2023 by the World Bank.

Get Real Time Prices of Copper Sulphate: https://www.chemanalyst.com/Pricing-data/copper-sulphate-1163

Europe:

Throughout the second quarter of 2023, the German Copper Sulphate market faced pricing pressure. Declining upstream Sulphuric Acid costs lowered Copper Sulphate manufacturing costs. Mild winter and reduced procurement from manufacturing firms led to a significant decrease in Natural Gas costs. Insufficient demand from downstream agrochemical industries had a limited impact on Copper Sulphate pricing dynamics. Germany, the largest economy in Europe, grappled with high inflation, dampening demand from the agrochemicals market. Successive interest rate hikes by the European Central Bank further constrained the purchasing power of the terminal market. Market players noted that Germany's higher inflation rate contributed to a decrease in the euro's value relative to the dollar. Overall, the Copper Sulphate market operated at a low level, characterized by weak upstream Sulphuric Acid support, inadequate downstream demand, and low container rates.

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