But now many analysts share his point of view, including those at Goldman Sachs, who in early April published a research note titled Copper is the new oil, that is causing a stir among commodity traders.
In this 30-page document, Goldman Sachs argues that there can be no energy transition without this key metal; the price of which is predicted to rise to $11,000 per tonne in London, by April 2022, before reaching some $15,000 per tonne by 2025.
Not enough sites to meet demand
Copper is currently trading at around $9,500 per tonne in London, which is already its highest price in a decade. A year ago in April, it was selling at below $5,000 per tonne, the same price it was going for in November 2015 and October 2016.
Anton Löf, a metals market specialist at the Stockholm-based RMG Consulting, agrees for the most part with Goldman Sachs’ analysis.
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