Trafigura sees green copper supercycle driving prices to $15,000

The world’s biggest copper trader expects the metal to hit $15,000 a tonne in the coming decade as demand from global decarbonization produces a deep market deficit.

Even in the early stages of the covid-19 crisis, Trafigura Group was betting on the rebound that’s seen copper double over the past year to trade at more than $9,000 a tonne. Now the commodities giant sees the metal soaring past record highs above $10,000 as western economies pull out of the pandemic and the green revolution takes hold, head of copper trading Kostas Bintas said in an interview.

So far, the rally has been fueled by virus-related supply disruptions and an unprecedented buying spree in China, consumer of half of the world’s copper. But as global investment in renewable energy and electric-vehicle infrastructure surges over the next few years, Trafigura sees prices of the bell