The copper market is facing short-term pressures, including a stronger US dollar, potential tariff hikes, and a possible slowdown in the energy transition. However, the long-term outlook remains optimistic as the acceleration of the global green transition drives sustained demand growth for copper in sectors such as renewable energy. 

BMI analysts have downgraded their estimate for this year's average copper price to US$10,000 per tonne, but expect refined copper production to increase by 3.6% in 2024, mainly driven by capacity expansion in China and projects in countries like Congo. 

Meanwhile, BMI predicts copper consumption will grow by 2.5% in 2024 and accelerate to 3.6% in 2025, fueled by the global economic recovery and renewable energy development.

Investors remain optimistic about the long-term prospects for the copper market, believing that strong demand will support high copper prices.