Head of Mercuria Energy Group expects record copper prices

Kostas Bintas, renowned for his success in metals trading, predicts a record surge in copper prices — potentially rising by up to one-third from current levels. Bintas now leads the energy company Mercuria Energy Group, according to Bloomberg.

He attributes his forecast to a global shortage of copper reserves, exacerbated by tariff threats from US President Donald Trump. As Bintas points out, large volumes of copper are being imported into the United States, leaving major consumers like China critically undersupplied. According to Bloomberg data, China accounts for more than half of global copper demand.

Bintas described the situation as unprecedented, projecting that prices could soar to between $12,000 and $13,000 per ton. Investment funds have also increased their net long positions in copper on the London Metal Exchange (LME), reaching levels not seen since last May.

Meanwhile, global copper prices have already risen 12% this year, reaching $9,855.50 per ton, Bloomberg reported.