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Glencore CEO Says $15,000 Copper Needed to Drive New Supply

  • Metal near record high would need to rise another 50%
  • Price increase required to encourage higher-risk mining
Brighter global economy prospects fuel demand boom

Copper will need to rise 50% further from its current near record high to encourage enough new mined supply to meet rampant demand, according to Ivan Glasenberg, the billionaire chief executive officer of Glencore Plc.

Copper topped $10,000 a metric ton last week for the first time in a decade and has been among the best performers in a scorching surge in metals prices. The rally is being fueled by stimulus measures, the global economic recovery from Covid-19 and concerns about long term supply.