Copper's looming structural shortage comes into focus, says Cupel's Nicole Adshead-Bell

Copper prices are at the beginning of a big run, said Cupel Advisory Director Nicole Adshead-Bell.

On Thursday Adshead-Bell recorded Digging Deep with Kitco Correspondent Paul Harris.

Copper had a good week, hitting a seven-month high on news that China plans to mothball loss-making smelters. Reduced supply strengthens the long-term bull case for copper, noted Adshead-Bell.

"The price is moving now [because] market participants are finally starting to realize that there is a very material, looming structural-shortage in primary copper supply," said Adshead-Bell.

She added that the copper breakout has been a long time coming. Energy transition and artificial intelligence is going to require a lot more copper, and years of sub-$4 a pound copper has not been enough incentive to get miners to invest in new mines.

"I think this is the very beginning of what I would say is a parabolic rise in the copper price," said Adshead-Bell. "We need that [price] rise to incentivize new supply. Copper is the critical commodity. Without copper none of the green energy, net zero and energy transition occurs."

0:00 - Why is copper price moving?
2:25 - Where will extra copper supply come from?
4:45 - Dundee Precious Metals sells Tsumeb smelter and Hot Chili Mining update
9:30 - Hot Chili and nearby miners
10:43 - Rupert Resources deal

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