Global Commodities: Copper — The sleeping giant awakes

Driven by a surge of financial inflows, copper prices have jumped higher in March, eclipsing $9,100/mt earlier this week for the first time in a year. Copper prices are finally responding to the intensifying supply tightness that has skewed us bullish on the metal since last December. We retain this bullish medium-term bias but now need micro indicators in China to turn around and begin actually signaling a tight fundamental market to sustain upwards price momentum from here.  With refined copper supply looking most at risk in the coming quarter and Chinese demand entering its seasonal peak period as well, we still think a broader move higher towards our bullish year-ahead target of around $10,000/mt is in the offing, even if the road there is somewhat bumpy.

Speakers:  

Natasha Kaneva, Head of Global Commodities Research

Gregory Shearer, Head of Base and Precious Metals Research

This podcast was recorded on 23 March 2024.

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