Copper futures broke above $4.7 per pound for the first time in nearly five months, tracking gains in other metals such as aluminum and zinc as output cuts driven by power crunch in Europe and Asia more than offset worries over falling demand at metals-manufacturing companies. Also, the latest data showed imports of unwrought copper and copper products to Chinese ports rose month-over-month to 406,016 tonnes in September, after five months of decreases, as shipments previously held up by pandemic curbs made their way into the world’s largest copper consumer.
Historically, Copper reached an all time high of 4.90 in May of 2021. Copper - data, forecasts, historical chart - was last updated on October of 2021.
Copper is expected to trade at 4.81 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 5.10 in 12 months time.