Goldman Sachs analysts said the current price strength “is not an irrational aberration” but rather “the first leg of a structural bull market in copper.”
The world’s biggest supplier of cobalt has extended its supply agreement with battery maker GEM Co., allowing the Chinese company to secure supply of the crucial metal until the end of the decade.
Metal is well placed to benefit from the decarbonisation targets of some the world's biggest economies including top carbon emitter and top metals consumer China.
Goldman Sachs predicts "structural bull market" for commodities similar to 2000s as rising demand, green energy investment combine with chronic undersupply.