Hedge fund manager Pierre Andurand anticipates copper prices could nearly quadruple to $40,000 a tonne in the coming years due to surging demand depleting global stockpiles. His confidence in copper has propelled his $1.3 billion Commodities Discretionary Enhanced fund to recover from a 55% loss last year, now boasting an 83% gain in 2023.
Copper, crucial for the energy transition, has surged 20% this year, reaching $11,000 a tonne. Andurand predicts continued growth driven by increased demand from electrification, electric vehicles, and renewable energy projects. He believes that new supply will lag behind demand growth, potentially taking over five years to balance. This bullish outlook extends to other commodities, including cocoa and aluminum.
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