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Copper Prices Are Starting To Surge

May 16, 2024
x min read

Copper prices have been on the rise. But, why?

What’s happening:

  • The price of copper has been surging recently amidst an influx of new demand caused by the global energy transition and a looming supply shortage

Why it matters:

  • Copper plays a vital role in decarbonzation technologies such as electric vehicles, renewable energy systems and new electric grid infrastructure
  • Because copper has high electrical conductivity and thermal efficiency, it also is a critical input for solar panel manufacturing and wind farms

By the numbers:

  • Copper prices are nearing an all time high, trading at approximately $4.86 USD per pound
  • Due to the rapid acceleration of energy transition infrastructure being built, global copper production likely needs to double to 50 million metric tons within the next 10 years

Going deeper:

  • Finding more copper deposits in the United States has become increasingly more important, with mining giant BHP (NYSE: BHP) and Ivanhoe Electric (NYSE: IE) recently striking a new joint venture collaboration to find new copper discovers in Utah, Arizona and New Mexico
  • Bill Gate’s backed KoBold Metals previously announced a partnership with Midnight Sun Mining (TSXV: MMA) to leverage artificial intelligence and machine learning technology to find new copper discoveries in Zambia

The intrigue:

  • Copper is also essential for data centre infrastructure, which has been experiencing an enormous boom due to the rise of venture backed artificial intelligence startups

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