The physical market for copper is “very, very tight and now in deficit”, and with the Federal Reserve rate cut on the horizon, the metal is set to explode this year, said Robert Friedland in an interview with Bloomberg this week.

According to the copper mining executive, the dollar-denominated price of the metal is likely to “go up a lot” by the middle of the year. “We think copper is making a bottom. I’d be willing to wager on $9,500/tonne before you go down to $7,500,” he said.

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The Ivanhoe Mines (TSX: IVN) founder and co-chairman cited a recent report published by Goldman Sachs, which called for prices of $9,000/tonne this year as the global copper market is set to reach its tightest state since 2021.
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https://www.mining.com/copper-market-a-powder-keg-ready-to-explode-says-friedland/