Copper has long been considered a predictor of global economic health, earning itself the nickname “Dr Copper.” The price of the metal has surged nearly 12 per cent in the past year to the highest it’s been in nearly two years.
The metal has seen a boost from increased manufacturing in the United States and China, as well as supply disruptions at major mines.
Senior capital Adviser at Bell Potter Securities Giuliano Sala Tenna says the future couldn’t look any brighter for copper that’s a critical ingredient in the energy transition.
He expects demand will be strong for the next couple of decades and the price could go as high as $US 12,000 per tonne by the end of 2024.
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