Copper futures climbed toward $4.6 per pound, reaching its strongest levels in two years as investors continued to pile on the metal’s rally, while supply risks persist. Traders also continued to assess the implications of BHP Group’s $39 billion bid for rival Anglo American in a deal that would create the world’s largest copper miner on the market. Moreover, copper prices tracked a rally in other industrial metals including aluminum, nickel, zinc, lead and tin. Meanwhile, Cobre Panama, one of the world’s largest open-pit copper mines, was forced to stop operations in December, leading to a deficit in the global supply of copper concentrate this year. Earlier in April, the US and the UK also prohibited the Chicago Mercantile Exchange and the London Metal Exchange from accepting new Russian production of aluminum, copper and nickel.
Copper increased 0.71 USd/LB or 18.19% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Copper reached an all time high of 5.02 in March of 2022. Copper - data, forecasts, historical chart - was last updated on April 26 of 2024.
Copper increased 0.71 USd/LB or 18.19% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper is expected to trade at 4.43 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.65 in 12 months time.