The year 2024 has delivered a remarkable surge in copper prices (HGN24), with the red metal reaching new highs, and posting an impressive 15% year-to-date gain as of mid-June. This price rally has outpaced even the notable year-to-date performance of gold, as supply disruptions - including recent mine closures, declining ore grades, and a ban on Russian metal deliveries - have tightened the global copper market.
This has prompted major banks like Citi to declare the start of a new secular bull market in copper, with price forecasts as high as $12,000 per metric ton by 2026. Meanwhile, Andurand Capital is calling for copper at $40,000.
