Copper prices are at their lowest levels in almost a year, but it could provide investors with a buying opportunity. Wall Street analysts have turned bullish on the metal, with Citi among the banks expecting prices to soar. In its base case, copper could rise by nearly 50% in 2025 to $12,000 per ton, while in the bull case, prices could double to $15,000 per ton, Citi said in a May 31 note.
"Whilst China's demand strength has been underappreciated, it is equally important to recognise the persistence of a negative shock in mine supply as a tightening effect on this market." Overall, long-term global demand for copper is growing, thanks to continued policy support for renewables and electric vehicles, according to Goldman. The metal has a wide range of applications throughout construction and industry.
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Source: CNBC - 🏆 12. / 72 Read more »