LME copper futures started the March month above $4.1 per pound, but 3% below a near-decade high of $4.3 touched on February 24th as risk-off sentiment hit wider financial markets after a spike in bond yields. Meantime, both the official NBS Manufacturing PMI and the Caixin survey showed that China’s manufacturing recovery weakened for a third month in February. Copper prices soared more than 15% in February, its best monthly performance since November 2016, driven by low inventories and expectations of higher industrial demand on the back of stimulus and vaccine-fueled economic recovery. The commodity, considered an economic barometer, has been in a massive rally from its March’s multi-year lows on the back of unprecedented measures from central banks and governments to shore up economic growth.
Historically, Copper reached an all time high of 4.63 in February of 2011. Copper - data, forecasts, historical chart - was last updated on March of 2021.
Copper is expected to trade at 4.04 USd/LB by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.72 in 12 months time.