Is Copper The New Oil?
In this article for ZeroHedge, San Francisco-based journalist and founder of ZeroHedge.com, Tyler Durden describes conditions that are driving commodity prices, especially copper, to record highs. As the world emerges slowly from the pandemic-induced recession, supply and demands dynamics paint a rosy picture for copper futures, a foundation metal for modern technology.
(From the article at: https://www.zerohedge.com/commodities/record-highs-copper-new-oil-could-be-double-here) …
Soaring demand for critical minerals to support the energy transition, including copper, has already made copper one of the hottest metals this year, with prices jumping to $10,000 per ton, double from the pre-pandemic levels due to the global push toward decarbonization and government support for electric vehicles (EVs) and renewable electricity generation.
Copper will be the key metal in the energy transition. But expected supply from existing mines and projects under construction is estimated to meet around 80 percent of the copper the world will need by 2030 in a scenario consistent with climate goals, the International Energy Agency (IEA) said in its new report ‘The Role of Critical Minerals in Clean Energy Transitions’ this week.