Optimistic Copper Forecast for the end of 2024

Intervention by our Head of Studies Giacomo Tulino in Il Sole 24 Ore Plus of 14 September 2024.

Copper continues to be a crucial player in global markets, especially in the context of energy transition and technological development. After a 2024 characterised by a decline, forecasts indicate a strong rebound in prices in the coming weeks, with possible growth between $9,600 and $10,100 per tonne.

• Current Trend: The copper trend has made a major recovery, rebounding from the support band in the $8,800/9,000/tonne area.
• Key Factors: The massive cancellation of ‘cancelled warrants’ and arbitrage dynamics, especially between London and Shanghai, point to a volatile scenario but with upside prospects.
• Opportunities: This could be the right time for companies to strategically position themselves in the metals market, anticipating rising prices in 2025.