MOSCOW, September 24. /TASS/. Copper is essential for the global economy to realize its technological plans, and it is becoming a strategic resource for development. However, current high demand does not in itself guarantee long-term price growth, Ilya Grashchenkov, a political scientist and president of the Center for Regional Policy Development, told TASS.
Earlier, Kirill Dmitriev, Russian Presidential Special Representative for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund (RDIF), described copper as the "new gold."
On September 22, the price of copper futures for delivery in December 2026 hit to $6.9275 per pound, which is an all-time high on the Comex exchange.
"There is economic logic in Dmitriev’s formula: copper is becoming one of the strategic resources for technological development. Power grids, electric vehicles, and the new energy sector require increasing amounts of this metal," Grashchenkov said.
According to him, talk of digitalization masks very tangible physical needs: electricity, cables, equipment, and raw materials. "The ability to meet these needs is becoming a crucial factor in economic influence," the expert noted.
However, Grashchenkov noted that options for rapidly increasing copper production are limited.
"It is impossible to ramp up production quickly, and implementing new projects takes years. Therefore, the interest in copper raises a fundamental question: will the global economy have enough resources to carry out its technological plans?" he said.
The expert also pointed out the differences between copper and gold.
"Gold is purchased, among other reasons, to protect capital against uncertainty, whereas demand for copper is closely linked to industrial production and construction. Its price can fall during an economic slowdown. Therefore, the record high on the exchange should be viewed as a signal of strong demand for the metal, but it does not in itself guarantee multi-year growth," he concluded.
