“Higher Copper Prices Are Here to Stay, Could Reach $15,000 [Per Ton]”
July 22, 2022
“Due to this supply-demand gap, an increasing number of analysts have turned super bullish on copper in the short, medium, and long term. Bank of America, Citi, and Goldman Sachs are the latest ones to have bullish forecasts for copper prices. According to Trading Economics, copper is expected to trade at $4.17 per pound or close to $10,000 per metric ton. Copper prices are trading close to this level already. Many analysts are forecasting growth of at least 30 percent–40 percent from the current levels over the next few years…
Bank of America (BofA) has also come out with a very bullish price forecast for copper. BofA’s commodity strategist Michael Widmer highlighted that copper inventories are now at 15-year low levels. The bank sees copper prices rising to $13,000 per ton in the coming years. One of the factors in BofA’s base-case scenario is an increase in recycled supply. If that doesn’t materialize, it sees prices still rising higher.
Rising to $15,000 per ton would entail an increase of 50 percent from the current levels. Given the structural demand and supply gap, a $15,000 per ton level seems inevitable at some point…”
https://marketrealist.com/p/copper-price-forecast-reach-dollar-15000/