Copper prices tipped to go ‘ballistic’ as EV revolution causes supplies to run out
Experts are sounding the alarm about an “extreme” shortage on the horizon that could send prices skyrocketing for scores of essential products.
An “extreme” shortage of copper over the coming decade could drive the price of the crucial commodity up as high as $US100,000 ($140,000) per tonne as supplies effectively “run out”, one expert has warned.
The looming supply shock is being driven by surging demand for electric vehicles (EVs) and other “green” technologies, coupled with chronic underinvestment and lack of expertise required to build new copper mines, according to Goldman Sachs metals strategist Nicholas Snowdon.
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