Copper prices will surge to a record high this year as a rebound in Chinese demand risks depleting already low stockpiles, the world’s largest private metals trader has forecast.
Global inventories of the metal used in everything from power cables and electric cars to buildings have dropped rapidly in recent weeks to their lowest seasonal level since 2008, leaving little buffer if demand in China continues to pace ahead.
The benchmark three-month copper contract is trading at $9,000 a tonne, having gained 30 per cent since falling sharply in the three months after Russia’s invasion of Ukraine when investors fretted that soaring energy prices would dent metals demand.
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