Copper price projection Record Copper Price by Year-End?
Last week, analysts at CIBC announced that they adjusted their end-of-year copper price forecast to $5.25 a pound, Kitco reports. The estimates are now 22% and 32% above 2021 and 2022 consensus estimates.
https://www.forbes.com/sites/greatspeculations/2021/06/01/the-race-for-copper-the-metal-of-the-future/?sh=5ce917b8319a
The International Energy Agency (IEA) was founded in 1974 in response to oil embargos the previous year that caused the global price of oil to surge 300% from $3 per barrel to $12 per barrel. From the start, the IEA’s mission has been to help member nations deal with major oil supply disruptions.
Over the years, the group’s purview has broadened to include more than just oil security, and in its most recent report, the IEA sounds the warning bell on the global supply of key minerals—particularly copper.
“Today’s supply and investment plans for many critical minerals fall well short of what is needed to support an accelerated deployment of solar panels, wind turbines and electric vehicles,” IEA Executive Directive Faith Birol writes.
According to the IEA, copper will remain the most widely used metal in renewable energy technologies. Compared to aluminum, nickel and zinc, its importance is rated high for most new energy-related projects. That’s mainly because its electrical conductivity is the second best after silver and 60% higher than aluminum. Goldman Sachs predicts that by 2030, copper demand will grow nearly 600% to 5.4 million tons.