RE:RE:Growing optimism? Goldman Sachs is even more bullish, with the investment bank's analysts forecasting a shortage of 428,000 tons of refined copper in 2024 in a note on Thursday that also predicted prices would hit $12,000 per ton over the coming year.
That would be another 23% rise from current levels on the London Metal Exchange (LME), where the price has rallied on strong longer-term market fundamentals and speculative trading.
The LME's benchmark three-month copper contract hit a two-year high of $9,988 per metric ton on Monday, up 15% so far this year, while the most-traded contract on the Shanghai Futures Exchange hit a record 81,050 yuan ($11,184.25) a ton on Monday, up 18% year-to-date.