The co-head of metals and minerals at the world’s biggest copper trader said on Monday the copper price could hit a new record high within the next 12 months owing to very tight stocks, even above $12,000 a tonne.
“I would highlight copper as the most critical metal globally given the shortage in the market. We only had 3.5 days of copper stock equivalent at the end of last year,” Trafigura’s Kostas Bintas told the FT Commodities Global Summit.
Copper hit a record high $10,845 in March last year.
(By Julia Payne; Editing by Susan Fenton)
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