John Gross, publisher of The Copper Journal, says the dip in copper prices doesn’t quite square with what’s happening with anticipated demand for the red metal this year. While most metals are higher, with some making new recent highs, Comex copper is the odd man out, as it is off 3.4% thus far this year. Not sure why, perhaps it just needed a rest before resuming its upward trajectory.
Further, it seems there are two themes expected for copper this year, the first being continued global economic growth that will require more metal, along with quite a few expiring labor contracts that may or may not reduce supplies, depending on how negotiations play out. Due of the potential of disruptions, Cochilco, Chile’s state copper commission raised its 2018 forecast for the price of copper to $3.06, from $2.95 per pound.