Copper Price Forecast 2024: Why One Analyst Thinks We Could Hit $20K+

The price of copper could see a massive increase by the time 2024 rolls around if one forecast is to be believed.

Stacks of copper tubing

Source: Shutterstock

According to a note from Bank of America analysts, the price of copper could surge up to $20,000 per ton by 2024. This comes as demand for commodities increase, which is also causing an increase in prices.

In the case of copper, much of the increasing need come from tech companies. That includes those making electric vehicles (EVs) that need copper for batteries. Adding to this is a shortage of copper right now with low warehouse levels.

Here’s a portion of that note from Bank of America analysts, as collected from Markets Insider.

“Of course, this fundamental backdrop is so concerning because the global economy is just now starting to open up and reflate. Linked to that, we forecast copper market deficits, and further inventory declines, this year and next.”

So what stocks should investors consider now that this copper price forecast for 2024 is calling for a massive increase? There are quite a few options, such as Freeport-McMoRan (NYSE:FCX), Southern Copper (NYSE:SCCO), Hudbay Minerals (NYSE:HBM), and Turquoise Hill Resources (NYSE:TRQ). We’ve got a long list of other copper stocks to consider at this link.

Copper isn’t the only industry seeing rising prices alongside shortages. Lumber has also been dealing with a similar issue. Then there’s the semiconductor shortage to consider. That’s been a hindrance to some companies but is benefitting others.

It’ll be sometime before the economy recovers from the novel coronavirus pandemic. However, businesses are reopening and things are getting back to normal. It’s just going to take the market a little while to adjust to that.

Investors that are interested in other trending news stories from today can keep on reading.

InvestorPlace.com has been offering wide coverage of the market. That includes talk of inflation in 2021, Rocket Companies (NYSE:RKT) trending ahead of earnings, and a crypto scam that hit r/WallStreetBets investors. You can catch up on these stories below.

More Wednesday News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/copper-price-forecast-2024-why-one-analyst-thinks-we-could-hit-20k/.

©2021 InvestorPlace Media, LLC