Demand is likely to be so strong due to the shift away from fossil fuels that prices could rise regardless of what happens to China's economy, Citi says.
Copper could be the metal to pick for investors who want to ride the shift away from fossil fuels and into renewable energy.
Analysts at Citi say the metal is “THE bullish energy transition trade” within commodities. According to the bank, the price can rally regardless of the global economic cycle. Another factor in copper’s favor is that the metal is “ESG-friendly,” Citi said, referring to its environmental, social, and governance credentials. The authors noted that the metal helps lower global emissions as copper, nickel, aluminum, lithium, and steel are net-negative greenhouse-gas emitters. As such, they are the main drivers of global decarbonization and climate-change mitigation.
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