Friedland: Copper market could see shortages
The copper executive predicted that copper prices in U.S. dollars could rise "significantly" by mid-year.
"We believe copper prices are at the bottom and may rise to $9,500 per ton," he said.
Friedland quoted a report released by Goldman Sachs as saying that the global copper market gap may hit a new high since 2021, and copper prices will rise to US$9,000 per ton.
A Goldman Sachs report believes that "the closure of Panama's copper mines and the decline in copper mine grades in Chile will put the copper market in a long-term shortage."
Friedland said that copper consumption in the world's major economies, including China, India, and the European Union, will increase, and the demand for copper will increase due to the arms race, ESG (environment, society and governance) and the green transformation of the world economy.
Friedland believes that overall, the copper market is a potential "powder keg" that may explode in the second half of the year.
