High demand and limited supply have caused the price to rise. The high rise of copper in 2021 has caused higher prices to be predicted for it.
While the short-term forecast bank has reduced its price from $12,000 per ton to $9,000 per ton. Its analysts still predict that this metal will reach $15,000 per ton in 2025.
Meanwhile, the Bank of America is conservative in this field because it has predicted that the copper market will be in surplus in 2023, 2024 before returning to deficit by 2025.
The bank has set a copper price forecast of US$3.97 per pound (US$8,750 per ton) for 2022. and 3.29 US dollars per pound equivalent to 7250 US dollars per ton for 2023.
Australia’s Office of the Chief Economist says copper demand growth is expected to be supported by global trends such as decarbonisation and renewable energy, so copper prices will average $9,100 per tonne in 2023 and $9,000 per tonne in 2024. Sees .
Source: INN
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