Copper prices surged last week as traders weighed the prospects of tariffs on the critical industrial metal needed for global electrification. This is one area where Trump may garner plenty of local support as the world evolves on many fronts that all require more copper. MM is of the opinion that tariffs on copper are essentially noise in what is about to become a strong bull market driven by demand and limited supply as global electrification gathers momentum.
- We are looking for copper to test the $US5.50 area in 2025 but ultimately trade higher.
MM is bullish towards copper, medium/long term
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