'Copper is the new oil,' and prices could soar 50% as AI, green energy, and military spending boost demand, top commodities analyst says

Copper is being hailed as the crucial industrial commodity of the future, with its demand driven by the rise of artificial intelligence, green energy, and increased military spending. Jeff Currie of Carlyle highlighted that these factors, combined with tight supply due to the long lead times required to open new mines, could push copper prices up by 50%, potentially reaching $15,000 per ton. Current prices are already high, around $10,000 per ton, up significantly from early 2020 levels. Currie also referenced the potential for "demand destruction" if prices climb too high but remains bullish, comparing the situation to the oil price surge in the 2000s.