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Copper mining supply has grown by less than 2% per year since 2013
Higher energy prices may have boosted both copper demand as well as copper production costs
Sales of electrical vehicles surged 160% in 2021 boosting demand for copper
China’s recovery in late 2020 and early 2021 also likely played a role in boosting copper prices
Copper prices have risen 125% from their March 2020 lows, and the red metal has been among the commodities hitting record high prices since the pandemic began.