Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new mines, said Olivia Markham, who co-manages the BlackRock World Mining Fund. The metal’s price hit a two-year high near $10,000, but Markham said further gains are necessary to encourage miners to sign off on projects required to avoid major deficits during the energy transition. “When I look at the price today, I think it’s well below the pricing levels we need to incentivize new greenfield production,” Markham said in an interview Wednesday. “Structurally, we need more copper units, and currently I ... (full story)