Famous copper long positions: Copper prices aim for $12,000-$13,000 per ton

Jin10 reported on March 24 that renowned copper long positions Kostas Bintas has once again predicted that copper prices will hit new records, due to Trump's threat to impose tariffs, which is depleting global copper inventories and creating unprecedented trading profit opportunities. Bintas was a copper trader at Trafigura and before leaving at the end of 2023, he built the group's copper position into the largest copper position globally. He now leads energy trader Mercuria into the metals market. He predicts once again that copper prices will soar to historic highs, rising by as much as one-third from current levels. Bintas stated that a large amount of copper being attracted to the U.S. will lead to severe copper shortages in other parts of the world. He said, "We believe that something unusual is happening in the copper market. Is it unreasonable to expect copper prices to reach $12,000 or $13,000? I find it difficult to give a specific number because this situation has never happened before." However, those bullish on copper prices have also faced disappointment multiple times, the most recent being last year when copper prices surged above the record high of $11,000/ton, but prices retreated as buyers exited the market.