{"id":11088,"date":"2024-05-19T20:21:33","date_gmt":"2024-05-19T20:21:33","guid":{"rendered":"https:\/\/topat10.com\/?p=11088"},"modified":"2024-05-19T20:21:33","modified_gmt":"2024-05-19T20:21:33","slug":"copper-is-the-new-oil-and-prices-could-soar-50-as-ai-green-energy-and-military-spending-boost-demand-top-commodities-analyst-says","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=11088","title":{"rendered":"'Copper is the new oil,' and prices could soar 50% as AI, green energy, and military spending boost demand, top commodities analyst says"},"content":{"rendered":"\n

Copper is emerging as the next indispensable industrial commodity, mirroring oil\u2019s rise in earlier decades, a top commodities analyst said.<\/p>\n

\n

This time around, new forces in the economy, namely the advent of artificial intelligence, explosion of data centers, and the green energy revolution, are boosting demand for copper, while the development of new weapons is adding to it as well, according to Jeff Currie, chief strategy officer of Energy Pathways at Carlyle.<\/p>\n

\u201cCopper is the new oil,\u201d he told Bloomberg TV on Tuesday<\/a>, noting that his conversations with traders also reinforce his bullishness. \u201cIt is the highest-conviction trade I\u2019ve ever seen.\u201d<\/p>\n

Copper has long been a key industrial bellwether as its uses range widely from manufacturing and construction to electronics and other high-tech products.<\/p>\n

But billions of dollars pouring into artificial intelligence and renewable energy are a relatively new part of copper\u2019s outlook, Currie noted, acknowledging that he made a similar prediction in 2021<\/a> when he was an analyst at Goldman Sachs<\/a>. <\/p>\n

\u201cI\u2019m confident that this time is lift-off, and I think we\u2019re going to see more momentum behind it,\u201d he said. What\u2019s different this time is there are now three sources of demand\u2014AI, green energy, and the military\u2014instead of just green energy three years ago.<\/p>\n

And while demand is high, supply remains tight as bringing new copper mines online can take 12 to 26 years, Currie pointed out.<\/p>\n

That should eventually send prices soaring to $15,000 per ton, he predicted. Coppers prices are already at record highs, with benchmark prices in London at about $10,000 per ton, more than doubling from the pandemic-era lows in early 2020. <\/p>\n

At some point, the price will get so high that it will create \u201cdemand destruction,\u201d meaning buyers balk at paying so much. But Currie doesn\u2019t know what that level is. <\/p>\n

\u201cBut I go back to the 2000s, I was bullish on oil then as I am on copper today,\u201d he added, recalling that crude shot up from $20 to $140 per barrel at the time. \u201cSo the upside on copper here is very significant.\u201d<\/p>\n

Copper was also a key catalyst in BHP\u2019s proposed a takeover of Anglo American<\/a>, a $40 billion deal that would create the world\u2019s top\u00a0copper producer. But Anglo has rejected the offer and recently announced plans to restructure the group, including selling its diamond business De Beers<\/a>.<\/p>\n<\/div>\n

Subscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Copper is emerging as the next indispensable industrial commodity, mirroring oil\u2019s rise in earlier decades, a top commodities analyst said. This time around, new forces in the economy, namely the advent of artificial intelligence, explosion of data centers, and the green energy revolution, are boosting demand for copper, while the development of new weapons is […]<\/p>\n","protected":false},"author":422,"featured_media":11089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-11088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n'Copper is the new oil,' and prices could soar 50% as AI, green energy, and military spending boost demand, top commodities analyst says | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\""But I go back to the 2000s, I was bullish on oil then as I am on copper today."\" \/>\n<meta name=\"robots\" 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