According to Jinshi Data, CITIC Securities has indicated that copper prices in 2024 will be shaped by various macroeconomic, supply, and demand factors. The impact of these factors is expected to be more positive compared to the start of the previous copper price boom cycle in March.
Key influences include a slowdown in copper concentrate and scrap supply, along with delayed smelting maintenance in the fourth quarter. The high demand growth from the energy transformation sector and the structural improvements in grid demand are expected to boost copper demand in the second half of the year. Additionally, the Federal Reserve's interest rate cut cycle is likely to support copper prices.
