Copper Shortages Crucial to Expected Price Increases
The unexpected deficit in global copper supplies through 2024 will be critical to maintaining the metal's price increases through the year. As 2023 drew to a close, two major copper mines closed down and cut down expected copper supplies by a wide margin, plunging the global supply chain into an unexpected deficit that eventually caused a surge in copper prices. This upward momentum pushed copper prices to such a high degree they almost reached the $10,000 per metric ton mark that is expected to be supported through the rest of the year by impending copper shortages. Increased expectations of a…