Copper futures rose beyond the $3.75 threshold, a climb from the over two-month low of $3.6362 reached on August 16th, driven by policy measures aimed at supporting China's wavering economic recovery, coupled with indications of increasing demand from the Chinese market. Beijing's authorization for 12 provinces and regions to issue 1.5 trillion yuan of special financing bonds is poised to enhance funding for construction and infrastructure ventures. Moreover, the interest rate reductions orchestrated by the People's Bank of China, coupled with a gradual revival of domestic demand, have also provided some support.
Historically, Copper reached an all time high of 5.02 in March of 2022. Copper - data, forecasts, historical chart - was last updated on August of 2023.
Copper is expected to trade at 3.85 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.09 in 12 months time.