The co-head for metals & minerals at world’s largest copper reseller stated on Monday that due to exceptionally tight inventories, the copper price may reach an all-time high in the coming 12 months, even exceeding $12,000 per tonne.
“Given the market deficit, I would single out copper as the most important metal on a worldwide scale. By the end of the previous year, we only had 3.5 days of copper stock equivalent, Kostas Bintas of Trafigura said at the FT Commodities Global Summit.
In March 2022, copper reached a record high of 10,845 dollar.
According to Goldman Sachs, the average price of copper will be in the range of $9,750 this year, rising near $12,000 before 2024. For a three-month supply contract, copper is currently selling $8,833 per tonne, as well as $8,808 for cash delivery.
The poorest sanction in the previous 15 years, according to Goldman Sachs, was for only 2,63,000 tons of sanctioned copper developments in 2022.
Even the extremely high prices observed earlier in “cannot generate enough capital inflows and consequently supply response to overcome long-term shortages,” the report stated.