US$8,840 is approx $4/Lb
Today is day number 316 out of 365316ma is $3.9065 = $8,612.35
With another 49 days left in 2021 and comex closing at US$4.4495/Lb on Friday.
I have projected current 316ma trend to finish around $4.07 ($8,972) by Dec 31. So their price assumption is reasonably accurate only approx $130/t lower compared to actual trend.
Their June projections were without latest US/China announcements, Tesla, VW or the many EV makers in China. Biden infrastructure plan will alter their projections as well so not really expecting a slump in prices during 2023.
Personally I'm looking forward to the next WoodMac report, but always great to see others estimations.
Copper Price news, page-207
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