Copper prices are expected to range between $8,500 and $9,000 per tonne in the short term due to concerns over potential US tariffs on China and the current administration's stance on renewable energy.

These factors have contributed to a decline in copper prices, which have fallen below $9,000. Unless there is a significant shift in China's political efforts or a new trade agreement between the US and China, prices are expected to remain within this range.

Looking ahead to 2025, it is anticipated that substantial interest rate cuts in major economies will facilitate a recovery in global industrial production, particularly in the latter half of the year. There is a forecasted slight market deficit of approximately 250,000 tonnes for copper in the upcoming year, with prices expected to rise to between $10,000 and $11,000 per tonne.