Copper prices are at the beginning of a big run, said Cupel Advisory Director Nicole Adshead-Bell.
On Thursday Adshead-Bell recorded Digging Deep with Kitco Correspondent Paul Harris.
Copper had a good week, hitting a seven-month high on news that China plans to mothball loss-making smelters. Reduced supply strengthens the long-term bull case for copper, noted Adshead-Bell.
"The price is moving now [because] market participants are finally starting to realize that there is a very material, looming structural-shortage in primary copper supply," said Adshead-Bell.
She added that the copper breakout has been a long time coming. Energy transition and artificial intelligence is going to require a lot more copper, and years of sub-$4 a pound copper has not been enough incentive to get miners to invest in new mines.
"I think this is the very beginning of what I would say is a parabolic rise in the copper price," said Adshead-Bell. "We need that [price] rise to incentivize new supply. Copper is the critical commodity. Without copper none of the green energy, net zero and energy transition occurs."
0:00 - Why is copper price moving?
2:25 - Where will extra copper supply come from?
4:45 - Dundee Precious Metals sells Tsumeb smelter and Hot Chili Mining update
9:30 - Hot Chili and nearby miners
10:43 - Rupert Resources deal
Join a discussion with the brightest minds in the resource investing sector and learn how to navigate the complex world of mining investment. Kitco Mining's Digging Deep, hosted by Paul Harris, is your weekly appointment to understand the key trends in the resource investment space. Paul sits with experts to dissect investment trends and understand the dynamic landscape shaping the future of natural resource extraction. Digging Deep is your guide to understanding resource investment and how to profit from it.
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27 май 2024
