Copper the new oil

Goldman Sachs metals strategist Nick Snowdon has doubled down on his comments that copper is the new oil, saying predictions a supply crunch in copper could send the red metal to US$15,000/t could yet prove conservative.

Copper demand is expected to skyrocket over the next decade as growing demand for renewable energy, electricity infrastructure and electric vehicles increases alongside global carbon reduction targets.

But the cupboard is relatively bare when it comes to new supply, with extremely low supplies of metal held in commodity exchange warehouses exacerbating the issue.