Copper could surge above a record to $12,000 a tonne in 18 months on new demand from green initiatives, a leading metals trader said, giving one of the most bullish forecasts yet for the metal.
The bellwether material has already doubled since a nadir in March to reach a nine-year high, and is roughly 7% below the record of $10,190 set in 2011 as bets on an economic recovery and tighter supplies entice investors. But current prices would seem “far too low” if governments fulfill pledges for green infrastructure and electric-vehicle incentives, Concord Resources Ltd. said.
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