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 political climate regarding renewable energy.

These factors have contributed to a decline in copper prices, which have fallen below the $9,000 mark. Without increased political efforts from China or a new US-China trade agreement, prices are likely to remain within this range.

Looking ahead to 2025, significant interest rate cuts in major economies are anticipated to support a recovery in global industrial production, particularly in the latter half of the year. There is expected to be a slight market deficit of approximately 250,000 tonnes next year, and copper prices are forecasted to rise to between $10,000 and $11,000 per tonne as demand strengthens.