In the light of the latest developments in the world, it is difficult to find any ground for optimism. The economic situation in many countries is far from favourable. People are in need of some upbeat news. As a result, a good reason to cheer up and regain confidence in the future global economy was found. Bank of America increased its price forecast for copper in 2020 by 5.4%. Demand for copper has long been one of the accurate indicators of the global economic environment. Therefore, an upward revision to this forecast was seen as a good sign of a further economic recovery. This metal is widely used in production, which means that demand for the red metal reflects global manufacturing activity. The higher the demand for copper, the more robust the economy. The gradual lifting of quarantine restrictions in countries around the world will contribute to the launch of manufacturing enterprises which need copper. This, in turn, will lead to a further increase in prices, Bank of America economists believe. Moreover, rising tensions between the United States and China, one world's largest consumers of copper, may boost copper prices. According to Bank of America, the red metal's price is likely to reach $5,621 per ton this year. By the end of 2021, it is expected to advance to $6,250 per ton.
