The copper market has been on a remarkable upswing in 2024, with prices surging over 20% since mid-February to reach a two-year peak of nearly $10,000 per metric ton. Fears of supply shortages have fueled this rally, due to a lack of new mining projects; meanwhile, First Quantum Minerals (FQVLF) had to shutter operations at the Cobre Panama mine, which accounted for around 350,000 metric tons of annual copper production, and major producer Anglo-American (NGLOY) downwardly revised its 2024 production guidance. Hedge fund manager Pierre Andurand even predicts that copper prices could soar to $4…