US EditionCopper Hits Record High, Heads for Weekly Jump
Citigroup forecasts copper averaging $13,000 per ton in Q2 amid a supply deficit and large stockpiling, with inventories at US warehouses hitting the highest since 2018.
- On Friday, Citigroup Inc. lifted its price outlook and copper rose to a record, with London Metal Exchange trading at $11,572.50 a ton in Shanghai.
- Rising US withdrawals and Citi forecasts underpin tightness in physical supplies, as Citi projects copper will average $13,000 in the second quarter and Mercuria Energy Group Ltd. ordered about $500 million for withdrawal from London Metal Exchange warehouses.
- Market momentum has lifted copper over 30% this year, even as Macquarie Group analysts led by Peter Taylor warn prices above $11,000 a ton may not hold.
- Traders are already anticipating supply dislocations as flows move toward the US ahead of possible import tariffs, while Citigroup Inc. says macro-fund buying keeps prices elevated.
- BloombergNEF warns the market will enter a structural deficit next year, while Macquarie Group and Goldman Sachs Group Inc. urge caution, with Goldman not expecting a shortage until 2029.
12 Articles
12 Articles
De Telegraaf
The price of copper rose to a record high this week, driven by fears of a global shortage of the industrial metal. Commodity traders anticipate a shortage due to copper hoarding in the United States. Demand was also fueled by a report from the influential investment bank Citigroup, which predicts further increases in the price of copper.
IEA Warns Copper Supply to Face 30% Deficit by 2035
The world faces a critical copper shortage within a decade that could derail global energy transition efforts and artificial intelligence expansion, the International Energy Agency warned at a United Kingdom summit this week. Shobhan Dhir, an IEA analyst specializing in critical minerals, told government and industry leaders that copper supply could fall 30% short of […]
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