Copper price to rocket to $40,000 a tonne, says top trader Andurand
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Hedge fund manager Pierre Andurand expects the price of copper to almost quadruple to $40,000 a tonne in the next few years as soaring demand causes global stockpiles of the red metal to run low.
“The geopolitical risks such as Russia and Gaza have not had an impact on supply, so I think that is why the oil price has been relatively stable, and I expect it to remain that way. I do not expect a large move in oil prices,” he said.
Despite last year’s losses, the fund’s annualised net return from inception in June 2019 is 34 per cent, according to a source who has seen the numbers.
Andurand also has a bullish view on other commodities, including cocoa, which tripled in price from the start of the year to mid-April, and aluminium, which he thinks will keep rising in price for similar reasons to copper, as it can be substituted for the red metal.
Additional reporting by Harry Dempsey in London
