1/31/2025
COPPER COULD COST MORE THAN NICKEL IN 2025 - CRU
In a market that is expected to be in a very modest surplus this year, there is no obvious reason why copper should move out of a trading range somewhere in the $8,000 /t to $9,000 /t.
However, with sidelined investors still believing in the long-term bull story, a rapid run-up in the price to new nominal record highs, and even upper, should not be discounted.
The latter would put copper at around $15,000 /t and possibly within touching distance of nickel, which is a market facing several years of surplus and a price supported only by costs of production.