One of the world’s biggest copper traders, Trafigura Group believes the metal could hit $15,000 a ton over the next decade, reports Bloomberg. All as demand from decarbonization efforts produces a potential deficit. However, they’re not the only ones bullish on copper. Goldman Sachs says it could rally to $10,500 over the next 12 months. Citi says it could reach $12,000 by 2022. That’s great news for companies such as Windfall Geotek (TSXV:WIN) (OTC:WINKF) (FSE:L7C2), Freeport-McMoRan (NYSE:FCX). Southern Copper Corp. (NYSE:SCCO), Gratomic Inc. (TSXV:GRAT)(OTC:CBULF), and Cielo Waste Solutions Corp. (CSE:CMC)(OTC:CWSFF). “You can’t move to a green economic environment and not have the copper price moving significantly higher,” says Kostas Bintas, trader at Trafigura, as quoted by Bloomberg. “How can you have one without the other?”
Over the last few days, we’ve seen copper prices run after Chile closed its borders thanks to a spike in CV-19 cases. “The world’s top exporter of the metal closed its borders for a month as reported a daily record of 7,830 infections last week, an all-time high for occupied hospital beds, and a nationwide positivity rate of 11%,” according to Mining.com.