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Copper is ‘the new oil’ and low inventories could push it to $20,000 per ton, analysts say
Key Points
• In a note Tuesday, Bank of America commodity strategist Michael Widmer highlighted inventories measured in tons are now at levels seen 15 years ago.
• Given the fundamental environment and the depleted inventories, Widmer said copper may spike to $13,000/t in the coming years after recently notching $10,000 for the first time in a decade.
• David Neuhauser, founder and managing director of U.S. hedge fund Livermore Partners, told CNBC that copper is “the new oil.”