Copper slump will give way to record buying spree, Citi says

Apr 22, 2023

Investors look set to pile into the copper market on an unprecedented scale in the next few years as usage surges in electric vehicles and renewable energy, according to Citigroup.

The key industrial metal is widely known as a proxy for global economic activity, and prices have slumped in recent months on weakening demand from traditional sectors like construction and consumer goods. Even staunch copper bulls like Goldman Sachs have been pulling in their horns, saying they were wrong in predicting sharp gains in prices this year.

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