Copper Prices Expected to Surge Amid Shortage Crisis

Copper prices are anticipated to increase substantially over the next five years due to a looming shortage crisis affecting industries dependent on the metal. According to NS3.AI, copper is crucial for electric vehicle manufacturing and renewable energy sectors, which are experiencing rising demand. However, new mining projects typically require an average of 17 years to become productive. Predictions indicate that copper prices could exceed $8 by 2031 and potentially surpass $12 by 2038.