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China’s copper futures continue to rally amid supply risks and improving demand prospects for energy transition metals.
The most-traded copper futures contract on the Shanghai Futures Exchange, for June delivery, jumped up to nearly 3% to hit 79,840 yuan per tonne, marking a new record high. The most-traded June copper futures contract international copper futures contract on the Shanghai International Energy Exchange surged nearly 3% to hit an all-time high of 71,300 yuan per tonne at one point.
Citi Research said in a report on Friday. that copper prices are expected to rise further in the next three months and could hit $10,500 per tonne at one point. The average copper prices in Q2 and Q3 are expected to reach $10,000 per tonne, the bank forecasted.
The bank said in a report last week that “explosive price upside is possible over the next 2-3 years too, if a strong cyclical recovery occurs at any time, with prices potentially rising more than 2/3rds to $15k/t+ in this, our bull case scenario.”
“Our $12,000 per tonne base case assumes only a small uptick in cyclical demand growth over the course of 2025 and 2026,” it added.
