Jeff Currie on Why Copper Is His Highest-Conviction Trade Ever
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 17 May 2024
⏱️ 45 minutes
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Summary
Copper has long been touted as a big winner from the world's drive towards electrification. All those electric vehicles and new grids need lots of the metal to work. At the same time, since it takes years for new copper mining capacity to actually come on stream, many people expect a long-term shortage of the metal to materialize. But despite all that excitement, copper prices actually fell over the past few years. Now, copper bulls are getting another chance as the metal surges towards a new record. So why didn't the thesis play out before? And what does the mismatch between short-term prices and long-term supply actually mean for the world? In this episode, we speak to Jeff Currie, a long-time copper bull and commodities veteran who's now at Carlyle Group. We talk to him about why copper is his highest-conviction trade ever, plus the outlook for oil and big changes in petrodollars.
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| 1:23.6 | I'm Joe Wiesenthal. |
| 1:24.8 | And I'm Tracy Allaway. |
| 1:26.3 | Tracy, Copper, has been on to tear again. |
| 1:28.9 | Yes, yes it has. |
| 1:30.5 | It's kind of weird because I remember recording a number of commodities related |
| 1:35.0 | podcasts a couple of years ago where everyone was super excited about copper and |
| 1:41.0 | there was this long-term, you know, structural theme about systemic undersupply. |
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