freetoplayearnnftgames| Top commodity traders optimistic about copper's central role in the energy transition say copper prices will quadruple due to soaring demand

Zhitong Financial APP learned that Pierre Andurand, one of the world's most famous commodity traders and hedge fund manager, believes that copper prices still have huge room for growth due to the difficulty of supply keeping up with the surge in demand, and may quadruple in the next few years, reaching US$40,000 per ton.

The French fund manager told the Financial Times on Friday that he believed copper would play a central role in the global energy transformation, with demand for copper exceeding supply in the second half of this century. Copper prices hit 11,104 earlier this weekfreetoplayearnnftgames.50 US dollars/metric ton.

Andurand said in an interview: "Due to global electrification trends including electric vehicles, solar panels, wind farms, and areas such as military uses and data centers,freetoplayearnnftgamesWe are moving towards doubling copper demand."

Andurand is also bullish on other commodities, including aluminum, and believes that aluminum prices will continue to rise for reasons similar to copper, but he said crude oil prices will not rise significantly again.

"Geopolitical risks such as Russia and Gaza have not had an impact on supply, which is why oil prices are relatively stable and are expected to remain stable," he said.

U.S. copper futures fell for the first time this week after eight consecutive weeks of gains. The Comex May copper contract fell 5.5% this week to US$4.7785 per million British hot units.

In addition, Comex5-month gold closed down 3.3% this week at US$2,332.50 per ounce;Comex5-month silver closed down 2.3% at US$30.330 per ounce.

Analysts at Macquarie said global copper demand growth is being offset by slowing demand growth in China, which in turn has changed investors 'views on copper. The company said: "Given current fundamental indicators, copper prices seem to be overdoing it, and the risk of a sharp correction is very high, and some correction has even begun."

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