One of the largest U.S. banks, Bank of America, predicts successful recovery of the world economy amid rising copper prices.
It is reported by Hvylya, citing Tape.ru
The price of copper is considered an indicator of the situation in the world economy because the metal is widely used in the production of a huge number of goods. Therefore, the higher the demand for copper and the more demand, the more healthy is the state of the economy.
Analysts at Bank of America came to the conclusion that by the end of 2020, the price of copper will increase by 5.4% and reaches 5621 USD per ton. By the end of 2021, the projected price of copper at the level of 6,250 dollars per ton.
However, CNBC reminds us that the spot price of copper at the end of may on the London metal exchange (LME) fell by 13%. At the moment the spot price per tonne of copper is 5332,5 dollar. The most dramatic fall in the cost of copper was recorded in March, when the price of the metal fell to 4617,5 dollars per ton.
One of the world’s major consumers of copper is China. Economists Bank of America forecast that with the reduction of restrictive measures in China and further worldwide will boost copper prices.