Post by
mrpancake on Apr 23, 2024 11:31am
two faced TD
They issued a metals report which included these comments on copper going forward
INDUSTRY UPDATE April 23, 2024 Metals & Minerals Q1/24 BASE METALS PREVIEW; COPPER HEATS UP AS SMELTERS COOL DOWN
The copper price has strengthened considerably over the past several weeks on the back of expectations for increasing scarcity of supply, Chinese demand improving, continuing strength in the U.S. economy, and copper treatment and refining charges falling sharply on weak mine supply accompanied by the potential consequential reductions in Chinese copper smelter production. The potential for increasing demand from the build-out of AI data centres has also contributed to the general bullish outlook for copper recently. We have increased our copper price forecast for 2024 to $4.17/lb (from $4.09/lb) and raised our 2025/2026 forecast prices to $4.50/lb/$4.75/lb (from $4.25/lb/$4.50/lb).