Copper Prices Recovery to Face Challenges Next Year

A recent poll by Reuters showed that copper prices are set to struggle for reaching new highs next year.

“While the rebound was dazzling, most of the positive surprise is now behind us and this should not continue to significantly support copper prices at these high levels,” said Florent Pele, an analyst at Societe Generale in London.

“Analysts raised full-year 2021 consensus forecasts by 9% from the previous poll,” according to Reuters.

Copper prices rose on Tuesday to a record high, supported by increased Chinese demand.

Copper futures for December delivery went up by 6 cents, or 2%, and settled at $3.148 a pound, in the highest closing level for copper futures since June 2018.