Strategists at Société Générale do not expect to see a supply deficit in the copper market. Therefore, the metal is set to move downward over the coming months.

Copper’s long-term outlook is firmly bullish

“There is no such deficit in the copper market, where the SG Commodities strategy team sees both medium-term supply and demand being bearish.” 

“Prices should remain on a downward trend over a 12-month investment horizon ($9,000/t forecasted by the end of the year and $8,500 by 2Q23), as strong mine supply floods the copper market.”

“The longer-term outlook is firmly bullish with the take-off of green transition consumption and an inexorable decrease in copper ore grade.”