Concord Resources Ltd, a leading trading house, says new demand from green initiatives could propel copper to fresh record highs above $12,000 per tons over the next 18 months.
An article published by Bloomberg quotes Concord's CEO Mark Hansen as saying that, "People need to be aware of the potential for a changing paradigm in terms of pricing. "In copper, the market is not yet pricing in the addition of potentially millions of new tons of copper demand over the coming decade."
While copper has doubled in the past 11 months to set a nine-year high of $9,260, it is still down 10% from the record high of $10,190 reached in 2011.
The relentless rally in the metal, widely considered a barometer of the global economy's health, has boded well for the Australian dollar.
AUD/USD clocked a high of 0.8007 earlier this week – the highest level since January 2018.
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