UBS forecasts copper prices to average $10,500 per ton in 2025, driven by tightening supplies and increasing demand from sectors like new energy vehicles and AI data centers. A deficit of over 200,000 tons is expected as smelters face losses due to low treatment charges, while consumption in Europe and the U.S. is anticipated to improve. Additionally, alumina prices are projected to decline in early 2025 due to a supply glut, despite recent record highs caused by disruptions.
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