Results for: Copper Prices

Copper prices have reached near two-year highs of $10,000 per metric ton, driven by an anticipated surge in demand from various sectors, including electric vehicles, power infrastructure, artificial intelligence, and automation. Market analysts predict a potential supply deficit this year, leading to bullish forecasts. Citibank projects a second copper bull market, with prices potentially reaching $12,000 per ton by 2026, while Bank of America set its 2024 target price at $9,321. However, some analysts caution that prices may fluctuate due to weak fabricator demand. Despite this, companies like Anglo American are capitalizing on rising prices, reporting increased copper output.

Copper prices have reached $9,988 per metric ton, their highest level in two years, fueled by concerns over supply shortages and optimism about demand from industries such as electric vehicles, artificial intelligence, and automation. The closure of First Quantum’s Cobre mine in Panama has exacerbated supply constraints, while strong manufacturing activity in China has boosted demand. Analysts believe that the long-term energy transition trend will continue to support copper prices despite potential price corrections in the short term.