Copper prices are red-hot. All thanks to tight supply, and a substantial increase in demand, which lead to Goldman Sachs saying copper could rally to $15,000 by 2025. The firm also believes annual demand for copper could skyrocket 900% to 8.7 million tons by 2030.
In addition, according to Barron’s, “Supplies, already tight as the global economy recovers, could be further strained by a predicted fivefold rise in green energy demand in the current decade, leading to significant shortages, starting in the mid-2020s, according to a report by Goldman commodity analyst Nicholas Snowdon. He sees copper, now around $4.50 a pound, hitting $6.80 by 2025. Bank of America commodity strategist Michael Widmer thinks the price could hit $6 this year.”