Can copper return to $10,000?

Constrained supply growth and surging demand from electric vehicles mean that we think that the price of copper will rise by over 60%, to nearly $10,000 per tonne, by 2025. This is likely to represent a high watermark for prices. Our long-term forecast suggests that, over the following decade, markedly slower Chinese growth, increased scrap supply and new mine output will push prices a third lower in real terms.