Copper decreased to below $4.2 per pound in September, the lowest in a month and moving further away from a record high of $4.9 in May, amid a stronger dollar and as concerns grew about the health of the Chinese real estate market after a giant property developer Evergrande is facing liquidity crises. Meanwhile, China reiterated plans to release more copper, aluminum and zinc from its state reserves and said will closely monitor market conditions, in an attempt to balance supply and demand. Also, Chile’s copper commission Cochilco forecast the global copper market to be in a supply deficit of 153,000 tonnes in 2021, while it expects a surplus of 190,000 tonnes for 2022. Cochilco also expects prices to average $4.20 a pound this year, down from $4.30 three months ago, and see it falling to $3.95 next year.
Historically, Copper reached an all time high of 4.90 in May of 2021. Copper - data, forecasts, historical chart - was last updated on September of 2021.
Copper is expected to trade at 4.15 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 3.92 in 12 months time.