Copper prices are on an unstoppable upward trajectory, fueled by supply risks and the surging demand for energy transition metals. The red metal is making waves in the market, with May delivery prices hitting $4.323 per pound in the Big Apple, marking a significant uptrend from its peak in June 2022. Not to be outdone, the three-month copper prices in London climbed 0.6% to $9,477 per metric ton.

Copper isn't just a metal; it's a barometer of economic health, a linchpin in the energy transition ecosystem powering electric vehicles, power grids, and wind turbines. The Wall Street bigwigs are placing their bets on copper, with Citi forecasting a new bull market in the making and projecting prices to soar to $10,000 per metric ton by year-end and a staggering $12,000 by 2026.

Bank of America isn't one to be left behind, upping their 2024 price target for copper to $9,321. The energy transition is at the core of this copper frenzy, with supply constraints and government interventions adding spice to the market mix. However, not everyone is sold on the copper hype, with experts like Colin Hamilton warning of potential demand adjustments and price fluctuations.

The global appetite for copper is insatiable, driven by the economic resurgence of powerhouses like China and the US, coupled with the energy transition wave. Supply hurdles and geopolitical maneuvers are stirring the pot, creating a whirlwind of uncertainty in the copper market. The implications of rising commodity prices, including copper, are casting a shadow on inflation and central bank policies, adding a layer of complexity to an already volatile landscape.

​In essence, the copper saga continues to unfold, with a symphony of supply risks, demand dynamics, and macroeconomic forces shaping the narrative.