Copper prices have continued to trend higher in recent months, averaging about US$9,700 a tonne in the June quarter — up 14% since the start of the year. The surge in prices reflects strong growth in global demand, which is expected to largely persist over H2 2024. LME copper prices are forecast to average about US$9,500 a tonne in 2024 (up from US$8,700 a tonne in 2023), rising to US$9,970 a tonne in 2026. 

Global copper consumption is forecast to grow by about 2.1% in 2024. China and the US will account for the bulk of this growth, driven by rising manufacturing activity and large investment in energy infrastructure. 

Australian copper export earnings are forecast to reach around $15.8 billion in 2024–25. Higher production growth and export volumes, combined with continued strength in prices will see export earnings reach $17.0 billion in 2025–26.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-june-2024)