“I think that’s a short-term game because the underlying fundamentals will keep it at these levels,” the Glencore boss says.

The release of state metal reserves is one of a number of attempts by Beijing to cool a stellar rally in commodity prices that has squeezed manufacturers’ margins.

Schneider Electric will use materials, such as low-carbon aluminum and copper produced by the miner with renewable power, iron ore, and borates.

The International Copper Study Group released preliminary data for March world copper supply and demand in its June 2021 Copper Bulletin.

The nickel and cobalt markets are facing similar supply deficits over the next few decades, Glasenberg says.

Shares in Western Copper and Gold declined Tuesday despite a rally in copper prices and the release of a positive PEA for its $3.3 billion Yukon project.

While prices of industrial metals have rocketed as the world moves away from fossil fuels, future price rises are likely to be limited to a select few energy transition ingredients.

Copper has hit an indecisive patch and it’s not surprising that funds have gone to play in other markets.