Copper prices could soar 33% in the next year as global inventories hit lowest since 2008, top metals trader says
Copper prices could spike over the coming year as growing demand from China puts stress on already-thin inventories, according to top metal trader Trafigura.
The economic-bellwether commodity currently trades at around $9,000 per metric ton and will likely top the record of $10,845 to potentially go as high as $12,000, said Kostas Bintas, co-head of metals and minerals at Trafigura, at the FT Commodity Global Summit.
Demand for copper jumped 13% last month from a year ago, and prices could reach $15,000 by 2025, Goldman Sachs has said. Inventory declines have also been accelerated by the growing turn towards green economies, as copper is an essential component in renewable-energy technology. Despite this, developing new mining sites is becoming more difficult. In its best-case scenario, S&P Global predicts that by 2035, the world will be lacking
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