Energy transition: Copper price could reach $40,000 per ton

he Copper price It will quadruple until 40 thousand dollars per ton In the coming years, as global reserves of the metal are exhausted Increasing requestThis is according to the calculations of the fund’s management manager Pierre Andurand.

Copper is an important metal for Energy transmission, Nearly 20% this yearup to A register to $11,000 per ton this week.

but, Andurandone of the world’s most famous commodity traders, appreciates that The bounce will be greaterHe added in an interview with the Financial Times that supply seeks to keep pace with demand.

“We’re heading towards A Double the growth in demand Of copper because Electrifying the worldincluded Electric carthe Solar Panelsthe Wind farmsBut also Military use And the Data centers-Andurand said.

“I think that We can reach $40,000 per ton During the The next four years almost. I’m not saying he’ll stay there after that. He added: “In the end, we will get a response from the offer, but the response from the offer will take more than five years.”

Andurand believes drilling is deeper and faster in existing mines It will not be enough to meet the growing demand copper. The industry appreciates that 15 years to develop a new mine.

state last week Chilean Copper Commission (Kochelko) She raised her projection Subordinate Average price Of copper to 2024 From $3.85 per pound to $4.3 This is mainly due to A Show less Copper world. to 2025The organization also improved its estimates to $4.25 per pound Of copper, a metal of which Chile is the world’s largest producer.

Executive Vice President of Cochilco, Joaquin MoralesHe explained in a statement that the better prospects are mainly due to “ Operations stopped From one Mines in PanamaThe decline in production from Anglo-American fields in Peru and Chile, and a group of Chinese foundries announcing a reduction in production.

In addition, Morales added, “the demand for copper remains strong, as it (copper) remains an important source for advanced economies.” A crucial and necessary elementOr for Energy and technological transformation“.

The organization also estimated that global copper production would reach 22.5 million tonswhich means a 2.5% increase Compared to last year, while Global demand You will reach 26.78 million tonsWith growth 3.6% Compared to 2023.

“The important fact for our economy is that A Production growth Of red metal 5%which will allow us to access 5.5 million tons this yearIn the same statement, he pointed to a greater increase than in the rest of the world.

Chili pepperwhich It collects 25% of global production Of copper, it produces between 5 and 6 million tons of copper annually Mining Represents a relative fifteen% of the national gross domestic product.

In this context, Gross Domestic Production (Gross Domestic Product) from Chili pepper he expanded a 23% During the first quarter of this year compared to the same period last year central bank Chile. According to the issuer, it is High GDP growth Since the second quarter of 2022, the index has expanded by 4.4%.

the Government expectations on GDP expansion This year they are within range Between 2% and 3% Set by the Chilean Central Bank last April, which also raised inflation expectations to 3.8%.