Currie, who called the supercycle in the early 2000s, highlighted the importance of the interconnections between the key commodities like oil and industrial metals in driving prices higher, arguing that oil prices cannot be considered in isolation.

"This is why I jump up and down and pound the table that people don't keep talking about iron ore with your oil outlook. Well, it's really important to your oil outlook. So is the dollar, so is copper, and grains... So is everything else out there," Currie said.

He noted that copper is crucial to the oil outlook. While Goldman has a copper target of $10,000/mt, which is consistent with its $65/b oil price, Currie speculated as to whether copper could actually reach $40,000/mt at some point.

"We have no copper, copper inventories just drew their largest observable draw we've seen in the last five weeks, prices are already back to supercycle levels and we have not even started the energy transition story of electrifying the world," Currie said. "Copper is the only thing we know that can conduct electricity at the rate needed, so I'm really curious as to how high some of these markets can go," he added. 

Read the whole article here,

https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/021021-interview-hang-on-for-wild-oil-copper-ride-in-commodity-supercycle-goldmans-currie

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