Copper prices have surged past US$10,000 per ton for the second time in a fortnight, with analysts projecting further increases. Goldman Sachs predicted copper to hit US$12,000/ton by 2024's end and US$15,000/ton in 2025, attributing the rise to widening supply-demand deficits. The last time copper reached such heights was during the 2022 Russian attack on Ukraine. This time, concerns focus on supply shortages rather than geopolitical tensions.

Goldman Sachs warned of "demand rationing" due to escalating demand and limited new mine developments. The current deficit is estimated at 454,000 tons for this year and 467,000 tons in 2025.

Despite the push towards electric vehicles and renewable energy, global copper output has stagnated. Forecasts suggest a substantial gap between future demand and current production, exacerbating concerns.

Disruptions in South America further compound supply issues, with labor disputes and declining grades hampering output. The situation underscores the critical role of copper in global electrification efforts and highlights the urgent need for increased investment in copper production.