https://markets.businessinsider.com/news/commodities/copper-prices-inventory-lowest-2008-trafigura-china-reopening-commodity-stockpiles-2023-3

"I think it's very likely in the next 12 months that we will see a new high," he said, according to the Financial Times. "What's the price of something the whole world needs but we don't have any of?"

Inventories are now at the lowest seasonal level since 2008, helping copper prices rise 6% this year to become the best-performing industrial metal.

Demand for copper jumped 13% last month from a year ago, and prices could reach $15,000 by 2025, Goldman Sachs has said. 

Inventory declines have also been accelerated by the growing turn towards green economies, as copper is an essential component in renewable-energy technology.