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Copper prices climb to 2024 high

2024-04-11 11:01:39Biznes SHKRUAR NGA REDAKSIA VOX

Copper prices climb to 2024 high

High copper prices show no signs of slowing, analysts say, with the red metal's rise driven by supply risks and an improving demand outlook for the energy transition metal.

Copper prices for May delivery traded at $4,323 a pound in New York as of Wednesday morning, paring gains after settling at its highest level since June 2022 in the previous session.

Copper briefly touched a high of $4,334 in intraday trading on Tuesday, marking its highest level since mid-January last year.

Three-month copper prices on the London Metal Exchange traded 0.6% higher at $9,477 a metric ton.

Copper demand is widely regarded as an indicator of economic health. The base metal is extremely important to the energy transition ecosystem and is integral to the production of electric vehicles, power grids and wind turbines.

Wall Street banks are positive about the outlook for copper prices until the end of the year.

Earlier this week, analysts at Citi said they believe the second bull market in copper this century is now underway roughly 20 years after the first such cycle.

Citi said on Monday it expects copper prices to trend higher over the coming months, averaging $10,000 per metric ton by the end of the year and climbing to $12,000 in 2026, according to the bank's baseline scenario.

Separately, analysts at Bank of America have raised their 2024 copper price target to $9,321, from a previous forecast of $8,625.

The Wall Street bank said on Monday that copper was at the "epicenter of the energy transition, meaning the lack of mining supply growth is being acutely felt."

Not everyone is convinced that copper prices will sustain the projected gains this year.


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