Goldman says copper is the new oil, raises price forecast to $11,000 per metric ton

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A employee labels copper merchandise at Truong Phu cable manufacturing facility in northern Hai Duong province, exterior Hanoi, Vietnam August 11, 2017.

Kham | Reuters

Copper costs are anticipated to rise, as the transition to inexperienced power accelerates and the provide of the steel tightens, says Goldman Sachs.

Based on an anticipated spike in demand, coupled with an already tight market in the wake of the pandemic, the agency raised its forecasts on copper. Goldman now sees costs common $11,000 per metric ton over the subsequent 12 months.

On Wednesday copper traded round $8,900 per ton, in accordance to knowledge from the London Metal Exchange.

“Copper is the new oil,” Goldman stated, including that there is “no decarbonization with out copper.”



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