Global Manufacturing Rebound Could Signal a Bright Year for Copper

Copper was one of only two metals that finished 2023 in the black, gold being the other metal. The asset flashed a bullish “golden cross” signal, with the 50-day moving average jumping above the 200-day moving average, and prices currently look stable in the $8,400-$8,600 per metric ton range.

copper flashing

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.

“Everybody knows about the weak real estate market in China… but military demand, national security demand, [and] demand for militarization is very high,” Robert told Bloomberg TV last week.