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Copper prices will surge to an all-time high over the next 12 months as a result of strong demand from China’s clean energy drive and years of under-investment… ....
Copper prices will surge to an all-time high over the next 12 months as a result of strong demand from China s clean energy drive and years of under-investment in global mine supply, the chairman of Chinese metals trader Maike Group said on Wednesday. Benchmark prices for copper, widely used in power and construction, hit a 9.5 year high of $9,617 a tonne on the London Metal Exchange on Feb. 25, within striking distance of the all-time peak of $10,190 set in 2011, partly driven by optimism over coronavirus-related fiscal stimulus. The metal has since eased to around $8,900 but He Jinbi, who founded Maike in the 1990s, believes as top consumer China builds metals-intensive renewable energy and electric vehicle infrastructure, copper and other base metals will see serious supply deficits in future and be subject to capital inflows. ....