Copper Market Deficit by 2025, page-152

Copper slipped on Thursday after briefly punching above the US$10,000/tonne level, last broken a decade ago, as speculators locked in profits amid worries about industrial demand.

Industrial buyers of copper were not happy with the current copper spot price. "Only mining companies and hedge funds with long positions are enjoying this price. Everyone else in the market is suffering. Specially the end-users," a copper rod maker in China said.









Copper now down slightly after hitting 10-year high of US$10,000 per tonne. I believe it has enough firepower to go higher based on worries about supply meeting increasing demand.

Then there’s government stimulus and record low interest rates, also boosting the copper price.

However, copper consensus price varies. See also post # 52773413


Goldman Sachs lifted its bet on copper consumption this year, focusing on copper's longer-term role in a carbon-free world. It had a study out mid-April calling copper the 'new oil' due to energy transition. Goldman Sachs sees prices averaging US$10,620 per tonne in Q4 2021.

Goldman, the number one proponent of the existence of a supercycle in commodities, sees more gain during 2022, predicting prices to reach US$12,250 per tonne by the end of next year.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.