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Why copper and lithium could be 'the new oil'

April 20, 2021. Summarized by summa-bot.

Compression ratio: 18.8%. 1 min read.

A worker wearing heat resistant protective clothing opens a furnace at the KGHM Polska Miedz SA copper smelting plant in Glogow, Poland, on Tuesday, March 9, 2021. Nickel??extended its plunge from a six-year high after a stock-market slump hurt risk appetite, while??copper??resumed losses as supply concerns eased. Photographer: Bartek Sadowski/Bloomberg

For decades, crude oil has been at the center of global commodities markets. Demand has served as a crucial metric of economic health, and price spikes have had major ramifications for gas-guzzling consumers.

But as countries around the world try to combat the climate crisis, oil could take a backseat, while metals like copper and lithium gain prominence.

"The critical role copper will play in achieving the Paris climate goals cannot be overstated," Goldman Sachs analysts said in a recent research note titled "Copper is the new oil. "

Why it matters: Global carbon dioxide emissions are set to surge dangerously this year as the global economy undergoes a huge recovery, according to a report published Tuesday by the International Energy Agency.

The company is hosting its first event of 2021 on Tuesday, and expectations are high, my CNN Business colleague Samantha Murphy Kelly reports.

Reading the signs: The invitations for the virtual press conference sent to reporters last week included an image of colorful spirals that form the Apple logo — a picture potentially made to look as if it had been produced by an Apple Pencil.

Now it's coming for our listening breaks, my CNN Business colleague Kerry Flynn reports.

The social media company just announced several new tools for creating and sharing audio, including "Live Audio Rooms" which will be tested in Facebook Groups before a broader rollout this summer.

by summa-bot

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