By 2034, the world may face a copper deficit of 8 million tons. To address this, mining companies will need to raise prices to $10,000 – $12,000 per ton. One of the main factors driving the increase in demand is the rapid development of technologies, including artificial intelligence (AI).
Experts at Citibank believe that copper is entering a long-term “bull trend” once again. Prices for the metal are already reaching record levels, and forecasts indicate further deficits. Copper may be experiencing its “to the moon” moment, similar to the recent surge in cocoa prices.
Copper is a crucial component for many industries, from construction and electronics to renewable energy sources. With the advancement of AI technologies and the growing demand for electronics, the demand for copper is only increasing. Therefore, investors should consider this market, as the growth prospects look very promising.