Copper Price Forecast: Can Tight Supply Push Copper to $7.50?
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Key Points:
- India and Europe are broadening the global copper demand base.
- Tight concentrate supply supports prices, while scrap remains a key market buffer.
- Copper stays bullish above $6.50, with $7.50 as the next upside target.
Copper (XCU) trades near record highs around $6.70 per pound as the demand outlook improves and supply pressure rises. Rising consumption in India and industrial recovery in Europe are broadening the global demand base. The negative TC/RCs show that copper concentrate remains tight. But the use of scrap in China could support refined production and limit further gains in prices. In my view, copper remains bullish above $6.50 but the rising wedge pattern creates a risk of correction. This article examines the demand outlook, supply constraints, the scrap buffer of China and the key price levels that may define the next move in copper.