Copper prices to find their groove in the second half of 2023 outlook2023 copper
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
However, the record prices were short-lived and a sharp downtrend caused by growing recession fears pushed copper prices to a nearly two-year low below $7,000 per tonne or $3.20 per pound. Although copper has managed to bounce off its multi-year low, it is still preparing to end the year down more than 14%.
However, ING also sees the copper market improving in the second half of 2023, with prices supported above $8,000 per tonne. Along with Bank of America, Goldman Sachs is also bullish on copper as it looks past near-term weakness. In early December, the financial institution upgraded its 12-month copper price target to $11,000 per tonne, up from its previous forecast of $9,000.
"We forecast weaker copper prices in [the first half of 2023] due to risks of a global economic slowdown, continuing rate hikes, and a stronger dollar," the analysts said."We forecast 2% copper consumption growth Y/Y in 2023, while highlighting downside risks to our base case if recessions are deeper than expected ."
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