The demand for refined copper in Europe has remained weak, with Germany experiencing particularly low demand. Macroeconomic challenges, including high interest rates and reduced industrial activity, have significantly impacted the copper market.

Germany, the largest copper consumer in Europe, has seen a notable decline in demand from key sectors such as manufacturing, automotive, and construction. Despite some demand from green energy projects, it has not been enough to offset the overall weakness in the market. Traders and producers are facing an oversupply situation, with many holding large amounts of unsold material.