The price of copper hit a new all-time high recently and it could continue to soar even higher based on predictions.
Copper price predictions have been positive lately with analysts expecting the precious metal to continue to soar in value. That includes one prediction that the price will reach $20,000 per ton by the time 2024 gets here.
That price prediction is worth pointing out as it’s well above what some other analysts have been predicting for copper. That includes one prediction from a few weeks ago that claimed copper wouldn’t reach $15,000 per ton until 2025.
The new all-time high for copper has it trading at roughly $4.75 per pound. The price of copper’s previous high was $4.70 per pound roughly a decade ago. However, the price of the metal collapsed alongside struggles for the economy.
The pandemic has caused similar economic issues. However, it looks like things are starting to return to normal. As that happens, prices for certain commodities are increasing. Copper is one of those and it could head even higher.
So how high can investors expect copper to reach in the near future? Bank of America analysts have a strong copper price prediction. They believe that it will reach $6 per pound by the end of the current year.
Investors that want to get in on the copper game will want to look at companies connected to the market. That gives them several options to choose from. That includes Freeport-McMoRan (NYSE:FCX), Southern Copper (NYSE:SCCO), Hudbay Minerals (NYSE:HBM), and Turquoise Hill Resources (NYSE:TRQ). There are also other copper stocks to consider at the link.
Investors that are looking for price predictions outside of copper are in luck.
InvestorPlace.com has also been keeping up with price predictions for various other investments. That includes several cryptocurrencies, such as Ethereum (CCC:ETH-USD), Cosmos (CCC:ATOM-USD), and Solana (CCC:SOL-USD). Investors can learn more about these predictions at the links below.
More Price Prediction News
- Ethereum (ETH) Price Predictions: Why Some Bulls Think ETH Has Legs Beyond $4K
- Cosmos (ATOM) Price Predictions: Where Will the ATOM Crypto Go After Its Record High?
- Solana (SOL) Price Predictions: Where Will SOL Go After $100M Investment?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.