The stock of copper on the exchange, which reached 180,000 tons as of May, fell to 84,300 tons as of the 12th. Goldman Sachs predicted that copper prices will rise to $9,750 per ton as demand for metals is increasing mainly in China, while supply volume is falling short.
This year, copper prices have fallen to the $7,100-per-ton level since June as the economy has entered a recession in the wake of the U.S. Federal Reserve’s interest rate hike and China’s zero-corona policy. However, it surpassed the $8,500 mark for the first time in six months on the 11th of last month as the recent decline in inflation predicted that the Fed would start controlling the pace of interest rate rise.
Nickel, one of the important mineral resources, has mixed price forecasts for next year. Nickel, which was traded at the 20,000-dollar level earlier this year, jumped 66% in one day on March 7 in the aftermath of the Russia-Ukraine war, surpassing the 40,000-dollar level. Since then, nickel prices, which fell to 19,100 dollars in July, have risen again due to supply shortages, trading at 29,310 dollars per ton on the 12th.
Following this trend, nickel prices are also expected to rise next year. This is because China’s easing of “Zero COVID” could increase China’s demand for industrial metals. Wallet Investor, an algorithm-based price prediction site, predicted that next year’s nickel price will continue to soar to $33,95, and $51,778 after 2027.
On the other hand, some predict that the price increase will be dampened by the expansion of supply from major producers such as Indonesia. Indonesia, which accounts for 40 percent of total nickel production, has banned nickel raw ore exports to boost its industry. Credit rating agency Fitch predicted that nickel prices will fall to $20,000 per ton next year, $17,000 in 2024, and $15,000 after 2025, due to Indonesia’s increased production.