On the other hand, FocusEconomics gave a more conservative forecast, as its consensus shows that average copper prices in 2023 will be below current levels at around 7,660 per tonne, with the lowest forecast at 5,430 per tonne and a maximum of 8,775 per ton.
By 2024, prices are expected to average around $8,000 per ton, with the worst forecast below $5,000 and the highest at $10,750 per ton.
“Demand for copper and industrial metals should remain fairly weak through the first half of next year as global interest rates peak and China’s economy is likely to continue to be weighed down by the housing crisis and covid-19,” FocusEconomics analysts added.
With information from Reuters