Trafigura sees copper surging to $12,000/t amid energy transition

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By NEO Trafigura, one of the world’s largest commodity traders, expects copper prices to rise by a third from its current levels due to a global shortage and hit $12,000 per tonne within the next 12 months. The copper market was already running on inventories that covered only 3.5 days of global consumption equivalent at the end of 2022, and shortages may continue as demand outpaces supply, according to Trafigura’s co-head for metals and minerals trading. Besides its traditional use in cables, construction and machinery, copper is becoming more widespread as the metal of choice for the energy …

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