Analysts expect copper to be a winner in the “clean energy” space for the next three to five years. The positive outlook for the metal also stems from anticipation the world’s transition to sustainable energy will boost copper demand. In addition, base metals prices on the London Metal Exchange (LME) rose on February 16 due to easing tensions between Russia and the West over Ukraine, and as attention shifted toward an energy crunch, mainly in China, which is causing smelter shutdowns. LME copper surged 0.4% in official activity to $10,009 per ton.
Furthermore, Goldman Sachs Group Inc. (GS) has stated that copper’s price is “building towards a breakout” on the back of a “diversified set of demand drivers.”
