After registering a rise of nearly 25% in 2020, copper drew significant interest, despite facing pressures at the beginning of last year due to the Covid-19 pandemic. The prices dropped below $5,000 in March, but saw a resurgence in early 2021, increasing by 70% and exceeding $8,000.
This rise followed the start of the global economic recovery from the Covid-19 pandemic and the revival of industrial activity in China, as China is the largest importer of copper. After several major countries committed to reducing carbon dioxide emissions to zero in the future, clean energy provided a positive boost to prices, increasing the demand for copper due to its importance in wire manufacturing. Expectations surrounding the future demand for copper have risen, driven by growth in the electric vehicle market. Earlier forecasts predicted a rise in the copper market over the next two years, targeting levels of $8,625 in 2021 and an average price of $9,175 in 2022.
