Copper: Near-term headwinds but upside risks to dominate long-term – ING Copper Metals Banks China Growth
for the red metal remains weak, but economists at ING expect Copper to move back higher in th long run.“Recession fears, China's slowdown due to its Covid-19 restrictions, and the Fed’s interest rate hiking path will continue to drive Copper’s short-term price outlook, however tightening supply should maintain the red metal’s price support above $7,500 throughout 2023.”
“Longer-term, we believe Copper demand will improve amid the accelerated move into renewables and electric vehicles . Copper has no substitutes for its use in EVs, wind and solar energy, and its appeal to investors as a key green metal will support higher prices over the next few years.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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