Copper prices remained below $3 per pound on Friday and were on course for an over 4.5% drop for the week, the first weekly loss since early-August as the dollar strengthen. Copper, which is a leading indicator of the health of the global economy, hit an over 2-year high in the previous week boosted by strong demand from top consumer China along with historically low inventories in London Metal Exchange registered warehouses. Meantime, traders await manufacturing data, a key indicator of industrial metals demand, from top consumer China to be released next week.
Historically, Copper reached an all time high of 4.63 in February of 2011. Copper - data, forecasts, historical chart - was last updated on September of 2020.
Copper is expected to trade at 2.89 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.66 in 12 months time.