Copper prices hit an eight-year high on Thursday, with Citigroup predicting a rise to $10,000.
On Thursday, the cost of copper reached the highest value for the last 8 years - it rose by 2.9% to $8633 per ton. The end of New Year holidays in China, which is the largest copper consumer, also contributed to the surge of activity in the market, as well as the general optimism about the prospects of global economic recovery. Prices are also pushed up by the difficult situation with container transportation in the world, which has led to a sharp rise in prices. This industry, which has not yet had time to restore logistics chains, disrupted last year due to the coronavirus pandemic, is now facing new difficulties because of abnormal weather conditions. Circumstances are also complicated by the fact that China has tightened the rules for shipping goods out of the country. According to the latest forecast by Citigroup, copper prices in the next 12 months may rise to 10 thousand per tonne.