Copper prices may soar to $US8000 a tonne, or $US3.60 a pound, by the end of the decade according to Citi analysts, who have also upgraded their forecasts for a number of Australian miners highly exposed to the commodity.
The spot price of copper has risen strongly over the past year, particularly since October. It’s up 30.3 per cent on February last year, last trading at $US6045.50 a tonne.
Copper, the world’s third most widely-used metal after iron and aluminum, is used in cyclical industries such as construction and industrial machinery manufacturing. For this reason, copper is seen by many as a key leading indicator of global growth and even has the nickname “Dr Copper”, a reference to its use as an economic barometer. Continue Reading →