How High Can Copper Fly? This Metals Trader Expects $12,000 – by Jack Farchy (Bloomberg News – February 25, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — Copper could surge above a record to $12,000 a ton in 18 months on new demand from green initiatives, a leading metals trader said, giving one of the most bullish forecasts yet for the metal.

The bellwether material has already doubled since a nadir in March to reach a nine-year high, and is roughly 7% below the record of $10,190 set in 2011 as bets on an economic recovery and tighter supplies entice investors.

But current prices would seem “far too low” if governments fulfill pledges for green infrastructure and electric-vehicle incentives, Concord Resources Ltd. said.

“People need to be aware of the potential for a changing paradigm in terms of pricing,” said Mark Hansen, chief executive officer of the trading house.

“In copper, the market is not yet pricing in the addition of potentially millions of new tons of copper demand over the coming decade.”

For the rest of this article: https://www.bnnbloomberg.ca/how-high-can-copper-fly-this-metals-trader-expects-12-000-1.1568555

 

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