Dec. 16 at 8:47 PM
$PXCLY Key metals necessary for the energy transition are also set for a bull run amid expected shortages in the coming years, Goldman and industry giants say.
Earlier this month, mining and commodities giant Glencore said that a huge shortage of copper is looming while significant mine development is lagging.
According to Glencore’s estimates, under the net-zero emissions pathway of the International Energy Agency (IEA), the world will be more than 50 million tons short of copper between 2022 and 2030.
Moreover, Goldman Sachs also said in early December that copper prices were set for a new record-high next year amid an “extremely” tight market. Next year, Goldman expects copper prices to top the current record-high of
$10,845 per ton that it hit in March 2022. It raised its 12-month price target to
$11,000 a ton from
$9,000 per ton.
