Copper Is the New Oil, Says Goldman’s Currie

The video discusses the strategic importance of copper and iron ore in the context of global decarbonization efforts. Copper is highlighted as the 'new oil' due to its superior electrical conductivity, essential for electrification. The video examines the demand-supply dynamics of iron ore, particularly in China, and the bullish market conditions due to supply cuts. It also analyzes the copper market, drawing parallels to the oil market in the early 2000s, and highlights the lack of investment in future supply. The discussion extends to the global influence of copper, historically known as 'Doctor Copper,' and its shifting economic significance from the US to China and now globally.

Why is copper considered the 'new oil'?

• It is more abundant than oil.

• It conducts electricity better than any other element.

• It is used in the production of plastics.

• It is cheaper to produce than oil.

What is the main reason for the bullish outlook on commodities like iron ore?

• Decreased demand in China.

• Technological advancements in mining.

• Increased supply in the market.

• Higher demand than supply.

What is the primary focus of current commodity companies?

• Investing in new technologies.

• Returning value to shareholders.

• Expanding supply to meet future demand.

• Reducing environmental impact.

What challenge does the copper market face compared to oil two decades ago?

• Lack of known technological solutions like shale.

• Greater competition from alternative metals.

• Higher production costs than oil.

• More stringent environmental regulations.

How has the global demand for copper shifted in recent years?

• It has become more focused on China.

• It has shifted entirely to renewable energy sectors.

• It has become more balanced between the US, Europe, and China.

• It has decreased significantly worldwide.