“As for other metals and ores, the foreign trade of copper in Georgia was almost halved, and the export of ferroalloys from Georgia decreased by 68.6%, from $354 million to $111 million,” - Galt&Taggart writes in the monthly review of the raw materials market.
"In August 2023, the price of gold decreased by 1.3% per month. Despite real overhangs on alternative assets, rising interest rates and a strengthening US dollar, gold remains attractive to investors. However, the date of the end of the monetary policy tightening cycle by the Federal Reserve System, which has a positive effect on gold prices, is still unclear. Currently, an ounce of gold is trading at $1,940, although forecasts range from $2,000 to $2,100, and according to some forecasts, it may even reach $2,250.
In August 2023, the price of copper decreased by 4.5% per month. Copper prices have fluctuated recently. Copper prices initially rose due to China's (biggest copper consumer) economic stimulus policies, but later fell amid weaker economic data in China and a stronger US dollar. Due to operational problems, several major copper mining companies have lowered their 2023 production forecasts, ultimately reducing expected global copper production. However, high seasonal activity in China's copper market is expected from September, and copper prices are expected to fluctuate around $8,600,’’ according to S&P Global.
“Chinese and European ferrosilicon prices fell 2.9% and 3.6% month-on-month in August 2023, continuing the trends of previous months. Weak global demand also affected the export of Georgian ferroalloys, which decreased by 68.6% annually," the review states.