Copper headed to $40k per ton article……By Costas Mourselas and Malcolm Moore in London May 24 2024 Hedge fund manager Pierre Andurand expects the price of copper to almost quadruple to $40,000 a tonne in the next few years as soaring demand causes global stockpiles of the red metal to run low. Andurand’s conviction on the copper market has helped his $1.3bn Commodities Discretionary Enhanced fund rebound from a 55 per cent loss last year that came as his bullish oil wagers backfired badly. The fund is up 83 per cent this year, with the gains coming from a broad range of commodities, according to people familiar with the performance. Copper, a critical metal at the heart of the energy transition, has risen almost 20 per cent this year, touching a record $11,000 a tonne this week. But Andurand, one of the world’s best-known commodity traders, thinks the rally has much farther to run, as supply struggles to keep up with demand. “We are moving towards a doubling of demand growth for copper due to the electrification of the world, including electric vehicles, solar panels, wind farms, but also military usage and data centres,” he told the Financial Times. “I think we could end up to $40,000 per tonne over the next four years or so. I’m not saying it will stay there then; eventually we will get a supply response, but that supply response will take more than five years.”