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Can copper return to $10,000?

Constrained supply growth and surging demand from electric vehicles mean that we think that the price of copper will rise by over 60%, to nearly $10,000 per tonne, by 2025. This is likely to represent a high watermark for prices. Our long-term forecast suggests that, over the following decade, markedly slower Chinese growth, increased scrap supply and new mine output will push prices a third lower in real terms.
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Precious Metals Update

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