Amid depleted inventories and supply-side concerns, economists at ANZ bank expect copper to trade comfortably above the $10,000 mark.

Copper price well supported

“Copper looks well supported amid depleted inventories and supply-side concerns. Russia is the fourth-largest global producer of copper concentrate behind Chile, Peru and China, producing around 5% of the world’s copper concentrate. Supply disruptions are also emerging in South American countries, putting a floor under the price.”

“We expect prices to remain supported above $10,000/t level.”