Due to a sharp increase in demand, the price of copper has quadrupled, according to the top commodity trader Mr. Andurando.

Pierre Anduran, one of the world's most famous commodity traders and hedge fund managers, believes that the rise in copper prices will continue. He thinks that the demand is surging, and the supply may not catch up, potentially rising to nearly 40K dollars per ton within the next few years.

The French fund manager stated to the Financial Times on Friday that the demand for copper, which will play a key role in the global energy transition, is expected to surpass supply in the second half of this decade. This will further expand the price increase, reaching a record high of $11,104.50 per ton earlier this week.

Andurando stated to the FT, "The growth in copper demand is moving in a direction of doubling, driven by the electrification of the world, including electric vehicles, solar panels, wind power plants, as well as military applications and datacenters."

Andurando also has a bullish outlook on other commodities including aluminum. He believes that aluminum will continue to rise in price for similar reasons as copper, as it serves as an alternative to red metal. However, he no longer expects a significant increase in crude oil prices.

"Geopolitical risks in places like Russia and Gaza have not affected supply. Therefore, I think that oil prices are relatively stable. I expect them to remain this way in the future," he stated.

Copper futures prices in the United States fell for the first time this week after 8 weeks of consecutive gains, with the May Comex 5th month (HG1: COM) down 5.5% this week to 4.7785 dollars/MMBtu.

Furthermore, the May Comex gold (XAUUSD: CUR) ended the week at 2,332.50 dollars per ounce, -3.3% and the May Comex silver (XAGUSD: CUR) concluded at 30.330 dollars per ounce, -2.3%.

McCaulay analysts point out that the increase in global copper demand is being offset by slowing demand in China, leading to a change in investor sentiment towards copper.

Considering the current fundamental indicators, the company stated, "this movement appears to be excessive and even if it has not yet begun, there is a very high risk of a sharp correction."