Copper front-month futures were trading at $3.63 per pound in late-January, a decline of more than 2% from the metal’s eight-year peak of $3.73 per pound amid renewed coronavirus restrictions in China, which clouded the outlook for economic growth and demand. The commodity, which is considered an economic barometer, has been in a massive rally from its March’s multi-year low on the back of unprecedented measures from central banks and governments to shore up economic growth.
Historically, Copper reached an all time high of 4.63 in February of 2011. Copper - data, forecasts, historical chart - was last updated on February of 2021.
Copper is expected to trade at 3.49 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 3.21 in 12 months time.