Demand for copper is widely considered a proxy for economic health.
Copper prices with May delivery traded at $4.323 per pound in New York as of Wednesday morning, extending gains after settling at its highest level since June 2022 in the previous session.
Copper briefly hit a high of $4.334 in intraday trading on Tuesday, reflecting its highest level since the middle of January last year.a proxy for economic health. The base metal is critically important to the energy transition ecosystem and is integral to manufacturing electric vehicles, power grids and wind turbines.Earlier this week, analysts at Citi said that they believe the second secular bull market of copper this century is now underway — roughly 20 years after the first such cycle.
"Our $12k/t base case assumes only a small uptick in cyclical demand growth over the course of 2025 and 2026," they added.The Wall Street bank said Monday that copper was at the "at the epicentre of the energy transition, which means that the lack of mine supply growth is being felt acutely."
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