“2023 Update: Is Copper On The Rise?

With the rising demand for electric vehicles, advancements in electronics, and technological growth in recent years, copper has had an explosive rise in value. In fact, many experts are predicting the price of copper to surpass $4.50 a pound by 2023. Thus, when will copper go up? The answer boils down to supply and demand. Currently, there is a shortage of copper due to increased demand from manufacturers. This has caused the price of copper to rise significantly since the start of 2021. Additionally, the continued growth of electric vehicles, advancements in electronics, and the increasing demand for copper due to its ability to be an excellent conductor of electricity will continue to drive up the price. Further, Goldman Sachs predicts that copper may reach $10,000 a ton and as much as $12,000 a ton by 2023. Thus, with the continued rise in the demand for copper, experts estimate the price of copper may rise to $4.50 to $5.00 a pound by 2023. With the rise of copper, it is possible that the cost of manufacturing products may rise as well. However, this means more reliable and advanced products that may come with a much higher price tag. Additionally, the rise in copper prices will benefit the economies of countries that invest in this resource such as Chile, Peru, and the US. Overall, it is clear that the price of copper will go up significantly in the next few years due to its increasing demand and the further development and usage of electric vehicles and other electronic products. Should the demand for the metal continue to rise, then we can expect copper prices to reach a record-breaking high by 2023.