The metal copper has been one of the key components of industrial production for generations. Being highly ductile, it has found its use in a variety of sectors. Aside from industrial uses, copper is used for producing aesthetic products such as jewelry. Being a commodity, copper prices tend to move strategically with a bit of unpredictability.
With the increasing demand for copper, due to its growing agricultural, infrastructural, consumer, and industrial uses, questions often come up regarding its price. Copper prices have moved up and down over the course of the years, prompting people to ask the question “when will copper go up?”
Currently, copper prices are below their long-term average, due to concerns about global demand. But with a few recent developments, there are expectations that the current price levels could change soon.
Firstly, the progress of the coronavirus vaccine has been encouraging. With the vaccine rollout, sectors that use copper in large amount such as automotive, construction and infrastructure are set to rise, even as restrictions are loosened.
Apart from this, the Chinese government recently announced that it would be launching a large-scale infrastructure project. This is expected to drive copper prices from its current levels as demand for the metal rises.
Furthermore, it is expected that the US government will announce its electric vehicle (EV) subsidy program in 2021, which will be an additional driver in copper prices.
It is projected that by 2023, copper prices will be shooting up, as demand for the metal rises to meet the expectations of the current developments. This could be a great opportunity for investors looking to buy copper now and sell it off when prices surge.
Therefore, the answer to the question “when will copper go up?” is 2023. It is assumed that the current copper prices provide investors a great opportunity to buy now and sell off when prices surge. In the current state of the economy, copper is a great commodity to invest in for the long-term.
