The investment bank expects a deficit of the metal, used for construction, industry and energy transition, which could reach 454,000 tons this year alone, and 467,000 tons in 2025.
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The price of copper continues to rise. The investment bank Goldman Sachs raised its forecasts for the red metal in 2024 and now expects it to exceed US$12,000 per ton.
This projection is much higher than the US$10,000 in its last report. In addition, the US institution expects copper to have an average annual price of US$9,800 per ton, about US$600 more than its previously estimated base.
As reported by the Reuters agency, Goldman Sachs expects the price to continue increasing and touch US$15,000 in 2025, with an average price for that year around US$9,900.
The investment bank expects a deficit of the metal, used for construction, industry and energy transition, that could reach 454,000 tons this year alone, and 467,000 tons in 2025. To give us an idea, the copper deficit in the world in 2023 was 428,000 tons.
What factors have led to this new forecast? The recovery of the manufacturing sector in the United States and China – the latter, the main destination for Peruvian exports – has raised expectations, especially in the global energy and real estate sector.
Chinese smelters are the main reason why copper supply has been drastically reduced at the moment, as several smelters have cut production. Additionally, the upcoming regulation could cause Chinese smelters to reduce production by up to 10% in 2024.
Written and digital press journalist, graduated from the Federico Villarreal National University (UNFV). Currently, in La República, where he writes about economics, with emphasis on hydrocarbons, mining and social conflict.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
