Copper Price Forecast & Long-term Prediction

Copper is a base, or industrial metal. It has a huge sphere of application, which is expanding year after year. Copper products are indispensable in the electrical industry, construction, etc.

Copper is also used in the manufacture of jewelry. Once coins were minted from it. But despite this, it is neither among precious metals, nor is it considered an investment asset.

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1 year
3 years

Copper is the world's 3rd by volume of consumption. Its reserves are vast and easily accessible. Its physical and chemical properties allow it to retain its value even after it has been melted down. But some forecasts say there will be a shortage of this metal in the future.

The key factor determining the copper price forecast today is the supply and demand ratio. The economic situation in the world plays an important role.

Key Findings

Key information on expected copper prices is set out below:

Price Today

$3.85 per pound

Price for next year 2024

$3.79 per pound

Long-term price 2025-2030

$4.6 per pound

The dynamics of the copper price reflects the state of the global economy. It has a direct correlation with the growth of global GDP and oil prices.

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Copper Price for Today

Growth

Copper quotations demonstrate strong growth. The market is under the influence of bullish factors. Trading participants believe in the prospects of the asset. Experts predict the preservation of positive dynamics in the coming days. Similar results are predicted by technical analysis indicators.

Minimum forecast cost

3.64 USD

Maximum Forecast Value

4.02 USD

% value change

0.37%

Copper Technical Analysis

There is a downward trend in the daily chart of quotations. The trend began in the end of December 2023. There are reasons to believe that this trend will continue in the next month:

  1. The consensus forecast on key timeframes is to actively sell. It is confirmed by both moving averages and key indicators. Among the latter are MACD and the bulls' and bears' strength indicator.
  2. The RSI oscillator has not yet reached the oversold level. As of mid-January, its value is close to 40.
  3. The 1M timeframe chart shows a bearish Evening Star candlestick pattern. It has a high degree of reliability.

BeatMarket analysts expect the downtrend to continue in the next month. But short-term corrections are likely against its background.

Bullish doji Star candlestick pattern on 15 and 30 minutes timeframes indicates the potential for rally. The market may go to stable growth upon positive fundamental factors. But the reliability of this signal remains average.

Fundamental analysis

Below is a table with prices for major metals. It will help to compare the dynamics of copper with silver, steel, iron, etc.

Price Day Month Year Date
Gold 2035.6 USD +5.44 +0.27% +0.66% +10.86% 29.02.2024
Silver 22.5 USD +0.083 +0.37% -1.58% +7.35% 29.02.2024
Palladium 942.96 USD +7.28 +0.78% -1.27% -34.02% 29.02.2024
Platinum 886.42 USD -3.36 -0.38% -3.09% -7.10% 29.02.2024
Copper 3.85 USD +0.014 +0.37% -0.44% -7.49% 29.02.2024
Aluminum 2209.4 USD +17.05 +0.78% -2.24% -9.13% 29.02.2024
Zinc 2397.49 USD -11.69 -0.49% -6.99% -23.05% 29.02.2024
Nickel 16985 USD -90.00 -0.53% +2.72% -31.57% 28.02.2024

Where will be Copper in 5 years

Growth

Forecast experts predict a bullish rally in the copper market. They expect the trend to be positive in the next 5 years. This metal is called the new oil and an asset of the future. Financial consultants recommend clients to bet on the growth of its quotations.

This point of view has fundamental grounds. The main consumer of copper is China. The market believes the demand from its industry and European markets will grow. Expectations of surplus reserves are replaced by concerns about the shortage of production volumes.

Another positive factor for copper is the assumption that the Fed will reduce the rate. This situation will weaken the dollar and positively affect the metals market.

In the course of 5 years, it is expected that the drawdowns of quotations will be insignificant. These will be of the nature of local correction against the background of the upward trend. This makes copper a proper asset for medium and long-term investments.

With the general optimistic mood, experts do not agree on the growth rates of quotations:

  1. Dr Kwasi Ampofo from BloombergNEF gives the most pessimistic forecast. The publications show that the metal's appreciation potential is only 20 per cent by 2027.
  2. CNBC posted the most optimistic prediction on its website. The experts it interviewed believe that by 2025, the price per tonne will increase by 75%.
  3. BeatMarket analysts assume a decline in quotations in early 2024. However, in the longer term, there is a bullish outlook. By the end of the next 5 years, the copper market is expected to grow. The pound price, in our opinion, is able to exceed the level of $6.

There are analysts who do not share the optimistic mood. The reason for this is their lack of confidence in the deficit forecasts. They believe that the secondary market will be able to cover the shortage of primary metal. At least in the next five years.

Their main argument is the slow pace of China's recovery. But in our opinion, this factor is able to act on the market only in the coming years.

Date Min forecast price Max forecast price Change
01.12.2024 3.933 USD 4.002 USD +0.12 USD (2.93%)
01.12.2025 4.204 USD 4.279 USD +0.27 USD (6.46%)
01.12.2026 4.477 USD 4.556 USD +0.28 USD (6.09%)
01.12.2027 4.754 USD 4.827 USD +0.27 USD (5.72%)
01.12.2028 5.031 USD 5.097 USD +0.27 USD (5.4%)
01.02.2029 5.149 USD 5.151 USD +0.09 USD (1.67%)

Copper Forecast 2024

Falling

From May 2021 to the end of 2023, copper quotations were in a sidewall. In 2024, experts believe that the chart will move downwards. Technical indicators and fundamental factors are in favor of this prediction. It is unlikely to recover the falling tonne by the end of the year.

Date Min forecast price Max forecast price Change
01.04.2024 3.921 USD 3.964 USD +0.09 USD (2.31%)
01.05.2024 3.879 USD 3.919 USD -0.04 USD (-1.12%)
01.06.2024 3.848 USD 3.880 USD -0.04 USD (-0.91%)
01.07.2024 3.847 USD 3.912 USD +0.02 USD (0.4%)
01.08.2024 3.883 USD 3.914 USD +0.02 USD (0.49%)
01.09.2024 3.850 USD 3.933 USD -0.01 USD (-0.18%)
01.10.2024 3.844 USD 3.886 USD -0.03 USD (-0.69%)
01.11.2024 3.869 USD 3.922 USD +0.03 USD (0.78%)
01.12.2024 3.933 USD 4.002 USD +0.07 USD (1.81%)

Copper Price Prediction 2025

Growth

The copper price forecast 2025 is bullish. Experts are optimistic and are expecting a renewal of historical highs. The key reason is predictions of growth in demand for the metal. Expectations of lower interest rates provide support.

Date Min forecast price Max forecast price Change
01.01.2025 4.008 USD 4.049 USD +0.18 USD (4.4%)
01.02.2025 4.050 USD 4.170 USD +0.08 USD (1.98%)
01.03.2025 4.175 USD 4.208 USD +0.08 USD (1.94%)
01.04.2025 4.199 USD 4.239 USD +0.03 USD (0.65%)
01.05.2025 4.154 USD 4.198 USD -0.04 USD (-1.03%)
01.06.2025 4.124 USD 4.156 USD -0.04 USD (-0.87%)
01.07.2025 4.122 USD 4.190 USD +0.02 USD (0.38%)
01.08.2025 4.158 USD 4.186 USD +0.02 USD (0.38%)
01.09.2025 4.125 USD 4.209 USD -0.01 USD (-0.12%)
01.10.2025 4.120 USD 4.160 USD -0.03 USD (-0.65%)
01.11.2025 4.144 USD 4.193 USD +0.03 USD (0.68%)
01.12.2025 4.204 USD 4.279 USD +0.07 USD (1.72%)

Copper Prediction 2026

Growth

Analysts believe that 2026 will be a successful year for copper. In this period, the deficit predicted by experts will begin to be felt. Stabilization of the economy and lower interest rates will be the drivers for reaching new highs.

Date Min forecast price Max forecast price Change
01.01.2026 4.286 USD 4.324 USD +0.45 USD (10.54%)
01.02.2026 4.323 USD 4.442 USD +0.08 USD (1.77%)
01.03.2026 4.449 USD 4.481 USD +0.08 USD (1.85%)
01.04.2026 4.478 USD 4.516 USD +0.03 USD (0.71%)
01.05.2026 4.430 USD 4.471 USD -0.05 USD (-1.04%)
01.06.2026 4.397 USD 4.433 USD -0.04 USD (-0.8%)
01.07.2026 4.399 USD 4.466 USD +0.02 USD (0.39%)
01.08.2026 4.433 USD 4.466 USD +0.02 USD (0.38%)
01.09.2026 4.403 USD 4.486 USD -0.01 USD (-0.11%)
01.10.2026 4.394 USD 4.436 USD -0.03 USD (-0.67%)
01.11.2026 4.419 USD 4.476 USD +0.03 USD (0.73%)
01.12.2026 4.477 USD 4.556 USD +0.07 USD (1.53%)

Copper Price Forecast 2027

Growth

Experts predict copper will turn out to be a profitable asset in 2027. Its quotations will move upwards for most of the year. This forecast is based on the expectation that the deficit will get even worse. But still, in case the latter does not happen, prices will gain support. The support will come from the ever-increasing production needs.

Date Min forecast price Max forecast price Change
01.01.2027 4.556 USD 4.599 USD +0.73 USD (15.86%)
01.02.2027 4.596 USD 4.712 USD +0.08 USD (1.64%)
01.03.2027 4.722 USD 4.757 USD +0.09 USD (1.8%)
01.04.2027 4.751 USD 4.792 USD +0.03 USD (0.67%)
01.05.2027 4.706 USD 4.741 USD -0.05 USD (-1.02%)
01.06.2027 4.673 USD 4.709 USD -0.03 USD (-0.69%)
01.07.2027 4.674 USD 4.741 USD +0.02 USD (0.35%)
01.08.2027 4.708 USD 4.739 USD +0.02 USD (0.34%)
01.09.2027 4.682 USD 4.762 USD -0 USD (-0.03%)
01.10.2027 4.669 USD 4.712 USD -0.03 USD (-0.67%)
01.11.2027 4.695 USD 4.748 USD +0.03 USD (0.66%)
01.12.2027 4.754 USD 4.827 USD +0.07 USD (1.44%)

Copper Price Forecast 2028

All copper price forecasts for 2028 are bullish. That is, all analysts believe the value of a pound of metal will exceed the current one. Only the value of the delta expected by experts differs.

For example, the Walletinvestor platform has a rather moderate view on copper's prospects. In accordance with its algorithms, the price of the pound will fluctuate within the range of $4.8-5.

The most optimistic analysts refer to figures that are several times higher. In their opinion, quotations are capable of approaching the $19 per pound boundary by the end of December 2028. This is equivalent to almost $42,000 per metric tonne and a 5-fold increase.

BeatMarket experts stick to a midpoint opinion between pessimists and optimists.

Date Min forecast price Max forecast price Change
01.01.2028 4.839 USD 4.875 USD +1.01 USD (20.7%)
01.02.2028 4.869 USD 4.995 USD +0.08 USD (1.52%)
01.03.2028 4.999 USD 5.035 USD +0.08 USD (1.69%)
01.04.2028 5.030 USD 5.067 USD +0.03 USD (0.62%)
01.05.2028 4.980 USD 5.021 USD -0.05 USD (-0.96%)
01.06.2028 4.949 USD 4.984 USD -0.03 USD (-0.68%)
01.07.2028 4.950 USD 5.016 USD +0.02 USD (0.33%)
01.08.2028 4.985 USD 5.021 USD +0.02 USD (0.4%)
01.09.2028 4.954 USD 5.037 USD -0.01 USD (-0.15%)
01.10.2028 4.945 USD 4.988 USD -0.03 USD (-0.58%)
01.11.2028 4.971 USD 5.031 USD +0.03 USD (0.69%)
01.12.2028 5.031 USD 5.097 USD +0.06 USD (1.24%)

Copper price Forecast 2030 to 2050

Experts give positive future copper price predictions. The red metal and mining stocks are among the most promising assets. There are three reasons for this optimism:

  1. Ever-increasing levels of copper consumption. Reuters estimates copper demand will double to more than 50 million tonnes by 2050. Others estimate that this figure will reach 77 million tonnes as early as 2040.
  2. There is a high demand for copper in today's key industries. First of all, it is alternative energy, electric vehicles.
  3. Copper production growth stagnation. By 2035, copper supply will lag behind demand. According to some estimates, the deficit will exceed 1.6 million tonnes per year. Other forecasts suggest that copper shortages will begin to be felt as early as 2027.

Inflation will also be on the bulls' side. Copper is a real asset with its own value. And commodities are often perceived as a defense against money depreciation.

Copper Projections For Next 10 Years

Copper price forecasts for the next 10 years are bullish. Mostly this is due to the green revolution. The transition to zero emissions requires a significant increase in copper consumption.

This does not mean that quotations will grow steadily. There may be corrections and short-term drawdowns in the market. But it is obvious that the cost per tonne after 10 years will exceed the current one.

Experts point to the potential for prices to double relative to the levels of 2023. This is largely due to supply problems. Metal manufacturers are facing a number of negative factors. One of them is the tightening of environmental policy. Another is the risk of lower production levels.

Copper price prediction 2030

At the end of 2023, more than 60 countries at COP28 have decided to triple their renewable energy capacity. Citibank estimates this will boost copper demand by 4.2 million tonnes by 2030.

Many experts believe the new oil deposits will be in trouble by 2030. It takes more than 10 years to organize production. The exploration budget today is much lower than in 2012. There is also a tendency to offset production to countries with higher risks. These are Zambia, Panama, etc.

Some analysts predict a severe copper shortage by 2026. This is a bullish copper price forecast 2030. By the year 2030, quotations will be 3 times or more higher relative to the current ones. Even when moderate scenarios are realized, the cost of the metal will still grow. It may reach $12-$15 thousand per metric ton.

Copper forecast 2040

The copper price future forecast is bullish. In experts' opinion, the upward trend in prices will continue by 2040. Many contributing factors will influence the market:

  • inflation, which is forcing investors to look for trading ideas in alternative assets;
  • growing industrial demand related to the energy transition;
  • a supply crisis due to low copper ore production.

All this argues in favor of the fact that copper quotations will grow. Thus, mining companies' stocks can be considered a promising asset.

But one should not forget that the stock exchange analysts are unable to take into account all the issues. New technologies may emerge. The latter can multiply copper production. This will lead to an increase in supply and price stabilization.

Copper Future price 2050

The current copper price forecast 2050 is bullish. It will remain so as long as experts predict a shortage in the supply. Today, most analysts are convinced there will be an increase in the cost per tonne relative to current values. No doubt about it.

Copper will remain a sought-after metal even if the green agenda is abandoned. A radical technological breakthrough is the only way to reduce its consumption. As long as the commodity is in demand, it will rise in price over a long time horizon.

The only questions are the price growth rates. There are figures 5-6 times higher than the current ones. No less important is the level of net profit they will provide to mining companies. Today, quotations of miners usually grow faster than the cost per tonne. Analysts believe that stocks of such companies should be in the portfolio of a future investor.

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About Copper

Copper

In theory, it is possible to invest in copper through bars and coins. Items made of this metal are available for purchase from some dealers. But owing to the low price, this method is unpopular. For a person with a small capital it is inconvenient because of low liquidity. For a wealthy investor, it is difficult to store a huge number of ingots.

There are some alternate ways to make money on the appreciation of this metal:

  1. ETFs on copper industry stocks, such as Global X Copper Miners (COPX);
  2. mutual funds and actively managed funds focused on copper;
  3. stocks of individual producers, such as Southern Copper, Freeport-Mcmoran or Zijin Mining Group;
  4. derivative contracts (e.g. trades on the Shanghai Futures Exchange or any other exchange).

The copper mining companies' stock price forecast is directly dependent on the value of copper. Investments in individual issuers or exchange traded funds are the most popular way of investing. But first of all it is proper for long-term investors. For speculators, transactions with futures and options are preferable.

Diversification is the main purpose for which this asset is added to the portfolio. Copper also serves as a hedge against inflation and a bet on industrial growth.

Copper Price History Chart

Key dates

Year 2008

At the beginning of the year, copper quotations were at an all-time high. Against the backdrop of the international crisis, the price fell more than 2.5 times. It fell to the level of 2005.

Year 2011

The boom in the metals market has not spared copper. At its peak, the cost per tonne on the London Metal Exchange (LME) exceeded $10,000. But in the second half of the year, quotations began to decline. It ended in a sidewall, which lasted until 2020.

Year 2021

Quotes broke through the historical maximum. For the first time since 2011, they exceeded $10 thousand per tonne. One of the reasons is the fear of shortages. They were provoked by strikes in Chile. This country accounts for about a quarter of global copper supplies. The second place is held by Peru. By chance, elections were just approaching in the country. The market's uncertainty about the results stimulated price growth.

What Influences Copper Price

Supply and demand ratio

Copper is an industrial metal. Therefore, its deficit or surplus is a key factor affecting the price.

Experts disagree on what to expect in the coming years. Some of them predict the emergence of a surplus. They justify it by increasing the volume of metal smelting and stagnation in the economy.

Others argue the copper demand will only grow. They promise a soon supply deficit. There is also a risk of issues arising at African mines. This will lead to lower production levels.

Global economic situation

Higher prices are observed in periods of economic recovery. This is due to expectations of industrial development and demand recovery.

In periods of crisis, the cost per tonne declines. This is caused by a reduction in the level of copper consumption by industry and the emergence of a copper surplus.

The situation in certain key countries is also important. One of the largest consumers of red metal is China. The most important countries in terms of production are Chile and Peru.

Interest rates and dollar positions

Rising interest rates are a pressure factor for the entire precious metals market. The rising cost of money and credit leads to a decline in production.

A strong dollar also contributes to the decline in quotations. World prices are measured in US currency. The higher the DXY index, the more expensive the metal is to consumers in other countries. As a result, the demand for it falls, which leads to a decrease in value.

Technical development

This is a bullish factor for copper. As technology advances, the demand for this metal is increasing. It is caused by the emergence of new areas of application. For example, it is impossible to produce electric vehicles with no copper. And this area is predicted to grow rapidly in the coming years.

The REPowerEU programme adopted in Europe will also lead to a surge in demand. One of its components is the accelerated construction of solar photovoltaic systems. Copper, along with nickel and lithium, are the most important components.

Is Copper A Good Investment

Short-term

(1-6 month)

The copper price forecast for next week is positive. Experts predict a pronounced bullish trend. The market is under the influence of positive expectations. Today red metal is an excellent choice for short-term speculative deals.

Medium-term

(6-12 month)

Experts give a positive copper price forecast 2024. The market is influenced by inflation expectations and bullish factors. An important role is played by the issues causing concerns about the reduction of production levels. At the same time, there is an understanding that demand for copper will grow.

Long-term

(1 year+)

The long term copper price forecast is bullish. Experts recommend buying the red metal. This is an excellent asset for people with an investment horizon of more than a year. Quotes are predicted to grow steadily. This is due to 2 factors. The first is the expectation of demand strengthening on the part of industry. The second is the inflationary impact, leading to an increase in commodity prices.

FAQ

Are copper prices expected to rise?

In the short and medium term, quotations are affected by multidirectional factors. Recession and intensified geopolitical conflicts may push prices down. But manufacturing activity in China is an important bullish stimulus. Further policy of central banks will also have an impact. When they tighten, a renewal of historic highs in the coming months is unlikely.

What is the future outlook for copper prices?

In reviews of the global market intelligence, experts promise growth in copper quotations. This is due to the fact that it is increasingly demanded by the industry. An important factor is the high cost of developing new deposits. In the future, mining at a low price will be unprofitable. This means robust demand will push the cost upwards.

Is investing in copper a wise choice for the long term?

Investments in copper should be perceived as a diversification tool. The red metal is hardly one of the assets recommended for a beginner. Nevertheless, experts confidently propose its growth in the long term. Therefore, a person who wants to have a portfolio ready for any situation will be wise to pay attention to copper.

How much copper will be needed in 2040?

Analysts forecast a more than threefold increase in copper consumption. In their opinion, by 2040, the global industry will need about 77 million tonnes of red metal per year. To compare, at the end of 2022, this figure was only 25 million tonnes.

Which precious metal is currently the most advisable to purchase?

Among precious metals, gold is recommended for beginners. This asset is predicted to grow in multiples over a horizon of decades. Many experts believe that such an investment will multiply capital. This is a traditional tool for conservative-minded people. It is included in various model portfolios. It is expected that the demand for it will only grow.

Copper News

XCU

Copper
2024-01-08

Horror as mahobho shoots and kills man after catching him red-handed stealing copper cables

XCU

Copper
2024-01-08

Copper falls on firm dollar as market awaits steer on demand outlook

XCU

Copper
2024-01-08

Arras Minerals Reports 62m @ 1.53 % CuEq Re-Assays in Historical Drillholes on a New Copper-Gold Porphyry Target

XCU

Copper
2024-01-07

Craig y Garn, Tryweryn Trail and Glasdir Copper Mines await Meirionnydd Ramblers

XCU

Copper
2024-01-07

Newton County Water and Sewerage Authority Partners with OpenGov to Meet EPA’s Lead and Copper Rule Revisions Deadline

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