Bullish Sentiment for Copper in 2020
Numerous big name investment banks have come out positive for copper in 2020. According to an article on mining.com, several big name financial institutions are looking for copper to be one of the stronger commodities in 2020. Jefferies is the most bullish but Goldman Sachs, Morgan Stanley, Citi and Bank of America all are positive on copper in the upcoming year. Citing low current supply, expected higher demand, higher global growth and a resolution with the US-China trade war, copper seems to be the “belle of the ball” in 2020 for commodities. With copper trading near $2.80 currently, the last year has really not produced much as copper was trading around $2.70 at this time last year. While copper has seen a move from the mid $2.60’s to the current price of $2.79, we will need to see a move above $3.00 in 2020 to really get excited about the bullishness of copper going forward. Time will tell but hopefully the big banks will be correct and we will once again be able to get excited about copper in the year to come.