Copper futures climbed above the $4.7 per pound mark for the first time, as inventories stand at levels not seen in fifteen years, while speedy vaccination rollouts and trillions in dollars of economic stimulus boosted demand. Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the copper bulls. Also, given how crucial copper is in the transition to a carbon-free world, demand is due to outstrip supply due to lack of investment by large miners.
Historically, Copper reached an all time high of 4.86 in April of 2021. Copper - data, forecasts, historical chart - was last updated on May of 2021.
Copper is expected to trade at 4.63 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 4.26 in 12 months time.