Copper futures climbed to above $3.6 per pound in December, a level not seen since February 2013 and extending a 12.4% rally in November, boosted by strong demand from top consumer China, declining production in Chile and growing risk appetite due to Covid-19 vaccine rollout and prospects of further fiscal stimulus in the US. The commodity, considered an economic barometer, has been in a massive rally from its March’s multi-year low on the back of unprecedented measures from central banks and governments to shore up economic growth.
Historically, Copper reached an all time high of 4.63 in February of 2011. Copper - data, forecasts, historical chart - was last updated on December of 2020.
Copper is expected to trade at 3.53 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.25 in 12 months time.