Global Manufacturing Rebound Could Signal A Bright Year For Copper

By Frank Holmes – US Global Investers

Some industry leaders are anticipating lofty gains in the coming months. The billionaire founder of Ivanhoe Mines, Robert Friedland, has forecast a potential surge in copper prices to $9,500 a metric ton this year. This bullish call is underpinned by a combination of lower interest rates later in the year and a ramp-up in demand from China, which Robert stresses has not slowed its consumption of the red metal, despite its shaky real estate market. The country, in fact, bought more copper in 2023 than in any other year on record, importing 27.54 million tons.