Commodities trading giant Trafigura said earlier this year that copper prices could hit record highs in 12 month, citing a rebound in the Chinese economy and supply shortages.
Kostas Bintas, co-head of Trafigura's metals and minerals division, said prices could rise to an all-time high of $10,845/mt and could even exceed $12,000/mt.
"I think we're likely to see a new high over the next 12 months," Bintas told the FT Commodity Global Summit.
“What is the price of something the world needs but we don’t have?” At the World Economic Forum in January, Trafigura’s chief executive said: “If we want to reach net zero emissions by 2050, two-thirds of energy needs to come from renewable sources by 2030." In this case, we need to increase copper production by 20% per year. "
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