You might want to ass this note issued by GS to the confusion:
According to Goldman Sachs, copper is heading to US$5/lb within 12 months, and above US$7/lb in the next few years.
To capture the precise dynamics of this process we construct long-run models of scrap supply and substitution, as well as extend our balance out to 2030. The immediate conclusion is that current copper prices ($9,000/t) are to low to prevent a near-term risk of inventory depletion, while our current long-term copper ($8,000/t) is not high enough to incentivise enough greenfield projects to solve the long-term gap. If copper remains at $9,000/t through the next two years, then we estimate the resultant deficits would generate a depletion of market inventories by early 2023. Based on our scrap and demand modelling, we believe that the most probable path for copper price from here - that both avoids depletion risk and as well as a sharp surplus swing - is to trend into the mid-teens by mid-decade. We now project copper to average $9,675/t in 2021, $11,875/t in 2022, $12,000/t in 2023 before a material step-up to $14,000/t in 2024 and $15,000/t in 2025. In this context, we upgrade our 12-month target to $11,000/t.