One of the largest US banks, Bank of America, raised its forecast for rising copper prices to 5.4 percent in 2020, CNBC writes. Thus, analysts noticed a good signal for the further recovery of the global economy, since oil prices are considered a kind of barometer of the current situation.

According to the forecast of Bank of America, the price of oil by the end of 2020 will reach 5621 dollars per ton. At the end of 2021, a ton of copper will cost $ 6,250.

Analysts were not confused by the latest trends in the global market. At the end of May, the spot (with immediate delivery) price of copper at the London Metal Exchange (LME) fell by 13 percent (year to year). The strongest drop in prices was recorded in March, when it fell to $ 4,617.5 per ton.

At the time of publication, the spot price per tonne of copper at LME was $ 5332.5 per tonne. The contract with delivery after three months was estimated at $ 5,357 per ton.

The price of copper is considered an indicator of the situation in the global economy, since metal is widely used in the production of a large number of goods. The higher the economy’s need for copper and the more active demand for copper, the more healthy its condition.

Further easing of quarantine measures around the world, according to economists of Bank of America, will contribute to further price increases, despite the growing contradictions between the United States and China, which is one of the world’s main consumers of copper.