Copper Outlook
:
We expect growth in industrial commodities markets to be led by a resurgence in China, where demand contracted in 2022 for most industrial metals. But supply is likely to be constrained, with Chile and Peru substantially underperforming in terms of mine production. We think copper has potential for long-term upside. With reopening, China is going to be spending money on its power grid and electric vehicles, which use a lot of copper. In the rest of the world, we also expect spending on the energy transition to speed up next year, further boosting demand for copper. We also like aluminum; its prices are likely to stay high because of the cost of energy to produce it.
That was from Bank of America analysists in 2023. B of A forecasts US$11,000PMT in 2023. That's US$5.00 a pound.