Copper, lithium to gain prominence | Sunday Observer

Copper, lithium to gain prominence

25 April, 2021

London (CNN Business) - For decades, crude oil has been at the centre of global commodities markets. Demand has served as a crucial metric of economic health, and price spikes have had major ramifications for gas-guzzling consumers.

But as countries around the world try to combat the climate crisis, oil could take a backseat, while metals such as copper and lithium gain prominence. “The critical role copper will play in achieving the Paris climate goals cannot be overstated,” Goldman Sachs analysts said in a recent research note titled “Copper is the new oil.” Setting the scene: Copper is an essential component of systems that allow wind, solar and geothermal energy to be tapped and transmitted for applications like heating homes, the analysts noted. And the market already looks tight.