Hedge fund manager shifts focus to red metal after bullish oil bets backfired last year
Hedge fund manager Pierre Andurand expects the price of copper to almost quadruple to $40,000 a tonne in the next few years as soaring demand causes global stockpiles of the red metal to run low. Andurand’s conviction on the copper market has helped his $1.3bn Commodities Discretionary Enhanced fund rebound from a 55 per cent loss last year that came as his bullish oil wagers backfired badly.
Andurand, a former Goldman Sachs trader who co-founded BlueGold Capital before launching Andurand Capital, believes that digging deeper and faster in current mines will not be enough to keep up with growing demand for copper. The industry estimates it typically takes 15 years to develop a new mine. Andurand also said he had been chastened by a prediction that oil prices would rise to $140 a barrel, which failed to pay off despite conflicts in Ukraine and the Middle East.
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