Copper prices dragged down by weakening global economy

We forecast copper prices to fall over the next six months as global economic growth deteriorates and surging energy prices disrupt global industrial production. Tighter monetary policy will dampen consumer spending, particularly on copper intensive big-ticket items.

What you will learn:

• The futures market is in backwardation, but we forecast prices to fall more than markets have priced in. That said, fundamentals are tight, and due to copper’s critical role in the energy transition, we expect prices to pick up from Q2 2023.