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Copper prices have surged to a new record high, reaching $4.323 per pound in New York and $9,477 per metric ton on the London Metal Exchange. The rally is being fueled by tight copper supplies, with Chinese smelters reducing production and upcoming regulations potentially cutting output by 10% in 2024[1]. 
Demand for copper is expected to increase due to the economic recovery in the US and Europe, as well as the growing energy transition, which could push the copper market into a deficit this year[1][2]. Wall Street banks are bullish on copper, with Citi forecasting prices to average $10,000 per metric ton by the end of 2023 and climb to $12,000 in 2026[1]. However, some analysts remain skeptical about the sustainability of the rally, as commodity markets tend to find ways to soften out high prices[1][2].
Citations:
[1] https://www.cnbc.com/2024/04/10/copper-climbs-to-2024-high-as-wall-street-banks-raise-price-forecasts.html
[2] https://www.euronews.com/business/2024/04/12/copper-bottomed-deal-for-investors-as-metal-price-climbs-to-record-high
[3] https://www.cnbcafrica.com/2024/copper-could-skyrocket-over-75-to-record-highs-by-2025-brace-for-deficits-analysts-say/
[4] https://markets.businessinsider.com/commodities/copper-price
[5] https://www.cnbc.com/2024/01/03/copper-appears-set-to-rally-more-than-75percent-by-2025-analysts-say.html
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