According to foreign news on January 9, the well-known investment bank CITI RESEARCH predicted in a latest report that copper prices will remain at about $8,500 per ton in the short term, but then may fall back. The forecast mainly takes into account growth concerns in developed economies and the impact of the Chinese government's stimulus measures on copper prices.
Citi investment bank pointed out that due to the uncertainty of the global economic situation, growth concerns in developed economies will dominate the market sentiment, which may have a depressing effect on copper prices. While the Chinese government's stimulus measures are likely to boost copper demand and prices in the short term, their impact is likely to be limited in the long term.
The report also forecasts the global supply of refined copper in the coming years. Global refined copper supply is expected to show a modest surplus in 2024, totalling 93,000 tonnes. By 2025, the supply situation will be reversed, with a shortage of 346,000 tonnes. By 2026, the shortfall will widen to 458,000 tonnes.
The forecast by Citi, the investment bank, suggests that while prices are likely to remain stable in the short term, the copper market will face supply shortages in the long term. This could put upward pressure on copper prices and drive an upward trend in copper prices.
