Copper could Skyrocket Over 75 Percent to Record Highs by 2025 — Brace For Deficits
January 25, 2024
Copper prices, along with other base metals, were boosted after better-than-expected U.S. economic data and the Chinese government's plans to increase liquidity in the banking sector. London copper prices rose to a 3-week high on Wednesday, January 24, amid ongoing supply concerns and hopes of further stimulus from China after the government slashed the amount of cash reserves banks must hold.
Benchmark 3-month copper on the London Metal Exchange (HG1) was last up 1.9% at $8,566/ton, after hitting its highest since January 2 at $8,583/ton. Against this backdrop, there are growing concerns about supply disruptions across the metals industry. Markets for copper, aluminum, nickel and zinc all have geopolitically-driven supply issues. Additionally, rising demand from the green energy transition and a likely weaker dollar in the second half of 2024 will push copper prices higher, a report from BMI, a research arm of Fitch Solutions, reported.
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