Copper set for a comeback in 2025 according to analysts
With prices rebounding in recent weeks and two of the world’s biggest miners declaring plans to ramp up production, analysts are tipping 2025 to be a big year for copper.Copper futures traded around US$4.14 per pound overnight, hovering close to three-week highs after a brief rally earlier in the week.According to Trading Economics, the price surge was driven by speculation that Beijing may announce additional stimulus measures during key political meetings this month.Recent data showed that Chinese manufacturing activity expanded for the second consecutive month in November, strengthening the demand outlook for copper.BHP Group and Rio Tinto have both declared their support for the base metal, recently announcing plans to ramp up copper production.The new report said global demand for copper has been growing steadily, with a 300% increase in the use of refined copper across various industries over the last five decades to about 26.5Mt in 2023.According to the World Economic Forum, A