Copper to fall back into the range between $9,500 and $10,000 – Commerzbank

After moving between $9,500 and $10,000 per ton for more than four months, copper recently broke out of this trading range to the upside and marked a record high of around $10,850 per ton. Strategists at Commerzbank expect the metal to revert back to the mentioned range.

Medium to long-term demand outlook for copper remains very positive

“We expect the copper price to fall back into the aforementioned trading range between $9,500 and $10,000 per ton during the course of the year.”

“The prospect of the high surplus should favor a correction. In the current market environment, however, the copper price should also be well supported for the time being.”

“In our opinion, the medium to long-term demand outlook for copper remains very positive.”