Copper Market

Supply and Demand

A deficit in copper supply is set to continue influencing global markets into 2024, driven by ongoing challenges in South American supply streams and heightened demand pressures from China. Copper remains a key indicator of economic health, and its supply constraints could signal worsening global inflationary pressures, potentially prompting central banks to maintain a cautious stance.

The consumption of copper in 2024 is expected to be bolstered by China’s economic reopening and growth in the automotive and energy transition sectors, which will further strain copper resources. The reopening of China is anticipated to significantly impact copper prices, with increased demand likely to push prices higher amid ongoing supply shortages.

As of mid-2024, copper prices have experienced fluctuations. Prices began the year at approximately USD 3.81/lb* and have recently been trading around USD 4.20/lb*. Analysts forecast that copper prices for 2024 could range between USD 3.60/lb* and USD 5.00/lb*, reflecting ongoing global uncertainties and market dynamics.

*Trading Economics