Currie believes that the immense supply-demand mismatch for the metal could propel its price to a staggering $15,000 per ton.

Currie identified three key factors that are expected to deepen the imbalance and drive copper prices higher: redistribution, environmental policies, and deglobalization. The combination of these factors presents a unique opportunity for investors, according to Currie.

The first factor, redistribution, focuses on policies that aim to provide wealth to lower-income groups. Currie noted that these groups are significant consumers of commodities, including copper. With policy measures reinforcing the consumption of commodities by lower-income groups, the demand for copper is expected to increase.

The second factor, environmental policies, has triggered a race for copper within various industries. As the metal plays a crucial role in green technologies such as solar and electric vehicle batteries, the push toward a more sustainable future has intensified demand. Currie pointed out China's substantial growth in green capital expenditure, which contributed to the recent rally in copper prices.

Additionally, the rise of artificial intelligence (AI) has amplified industry demand for copper. Improved electricity grids, which are essential for AI technology, rely heavily on copper infrastructure.

The third factor, deglobalization, has emerged as a significant global trend. Increased military spending, such as the US dedicating $95 billion to munitions, has not yet translated into a supply-side boom for copper. Mining output has been hampered by political and financial challenges, causing inventory levels to dwindle.

Currie attributes a lack of fresh investment to big sector players favoring acquisitions over greenfield investments. It seems that companies like BHP are finding it cheaper to acquire existing mines rather than invest in new exploration and development.

While this pattern is not unprecedented, Currie draws comparisons to a similar period in the 2000s when investors eventually turned their attention to the copper market after years of hesitation.

In conclusion, Carlyle's Jeff Currie expects copper's price to climb to $15,000 per ton in the next couple of years. With the unprecedented supply-demand imbalance fueled by wealth redistribution, environmental policies, and deglobalization, copper presents an enticing opportunity for investors. It remains to be seen how long it will take for the broader market to fully embrace the potential of this red-hot metal.