Predictions for copper at double or triple today’s level is a fairly recent phenomenon.
Goldman said in a report titled “Copper is the new oil”.
Goldman Sachs sees prices average $11,000 per tonne over the next 12 months, according to the Business Insider. By 2025, the metal could be priced at $15,000 a tonne, a rise of 66%.
So Goldman is not the lonely one to have this view, also Citi recommended clients take on bullish copper exposure over the next few weeks.
https://www.mining.com/copper-price-rallies-toward-nine-year-highs-amid-increased-demand/“That February high will be tested sooner or later,” Saxo Bank analyst Ole Hansen told Reuters.
So he was very right, even after the recent small setback in may.
Now there are more Wall Street bulls predicting even higher prices.
Natural resource investment house Goehring & Rozencwajg Associates confirmed their place in the superbull camp this week,
predicting a copper price north of $30,000“The previous copper bull market took place between 2001 and 2011 and saw prices rise seven-fold: from $0.60 to $4.62 per pound. The fundamentals today are even more bullish.
“We would not be surprised to see copper prices again advance a minimum of seven-fold before this bull market is over. Using $1.95 as our starting point, we expect copper prices to potentially peak near $15 per pound by the latter part of this decade.”
https://www.mining.com/new-bull-chart-for-30000-copper-price-porphyries-nearly-mined-out/
