Copper prices can hit over 75% to record highs by 2025 due to mining supply disruptions and higher demand for the metal, pushed up by renewable energy.

A growing economy tends to push up demand for copper. In addition, the green energy transition pushes up the copper demand. The possible decrease in the US dollar in the second half of 2024 will also boost copper prices and make the metal more attractive to foreign buyers.

During the recent COP28 climate change conference, more than 60 countries supported a plan to triple global renewable energy capacity by 2030, which will make the copper demand stronger.

Moreover, the higher renewable energy targets will also increase copper demand by another 4.2 million tons by 2030.