Citi analysts remain heavily bullish on copper prices and forecast that the metal could spike another 25%. Copper prices are currently hovering around the $9,697 price range on Thursday’s opening bell. The commodity is already up by nearly 175 points surging nearly 1.8% in the day’s trade.
The metal is now in high demand for industrial purposes including for the making of Tesla EV cars. While the demand in the market for copper is high, the supply remains scarce making its price skyrocket in the charts. In 2024 alone, copper prices have shot up by nearly 22% year-to-date.
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It is among the top-performing commodities this year only second to silver, which surged by 27% YTD. On the other hand, gold prices spiked 7% while the US dollar jumped 3% year-to-date. Silver, copper, gold, and the US dollar are the top-performing assets in 2024 and investors who took an early entry position have made stellar profits.
Read here to know how high gold prices could rise next by the end of 2024. Forecasts indicate that gold prices could outperform silver, copper, and the US dollar in the next 18 to 24 months.
Also Read: Currency: Indian Rupee Falls To Record Low Against US Dollar
Copper Prices Forecast: 25% Surge On the Cards, Say Citi Analysts
Citi analysts have predicted that copper prices could soon hit the $12,000 per tonne price range. The tentative timeline for the forecast ranges from the next 6 to 18 months. The analysts from Citi estimated that copper prices could reach $12,000 sometime next year in 2025.
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That’s an uptick and return on investment (ROI) of approximately another 25% from its current price of $9,697 if the prediction turns out to be accurate. Therefore, an investment of $10,000 could turn into $12,500 if the forecast turns correct in 2025. Nonetheless, the commodity market is highly volatile and can head south if geopolitical tensions escalate.
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