Copper trading reflected on the Comex in the closing months of 2016 continued a gradual rising trend. Volatility and uncertainty will likely characterize the red metal’s market moving into 2017, though conditions seem to indicate steady increases will continue.
Goldman Sachs is slightly bullish on copper’s prospects for 2017. Analysts issued a forecast predicting prices to average around $2.63 per pound ($5,800 per ton on the LME) during the first quarter, rising to $2.81 ($6,200) in the next quarter before dropping back to $2.54 ($5,600). They expect global demand to grow by 2.2% in 2017, while mine production drops 0.4%.